Description
Banking Secrecy and Offshore Financial Centers
Money laundering and offshore banking
Routledge Research in Finance and Banking Law Series
Language: EnglishSubjects for Banking Secrecy and Offshore Financial Centers:
Keywords
action; caribbean; cayman; confi; force; islands; laundering; laws; scation; task; Offshore Financial Centers; FATF; Confiscation Laws; Anti-money Laundering; Caribbean Financial Action Task Force; Banking Confidentiality; Money Laundering; Cayman Islands; International Narcotics Control Strategy Report; Confidentiality Laws; International Monetary Fund Country Report; Confiscation Order; Suspicious Activity Reports; UK Proceeds; International Anti-money Laundering Standards; Sub-national Island Jurisdictions; IMF Country Report; UK Financial Service Authority; UK Government’s White Paper; FATF Recommendation; Regional Anti-money Laundering; Global Financial Meltdown; Palermo Convention; Criminal Confiscation; UK Foreign
Publication date: 11-2012
Support: Print on demand
Publication date: 02-2016
· 15.6x23.4 cm · Paperback
Description
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This book brings together the issues surrounding banking secrecy and confiscation of criminal proceeds. The book examines the existing legal agreements at the international, regional and national levels and their interaction in the substantive areas of confiscation, anti-money laundering and banking confidentiality laws. It looks at how these agreements have been applied in offshore financial centers and demonstrates that despite a number of legally binding UN Conventions as well as global anti-money laundering recommendations, the implementation of them is often lukewarm by those Parties who have ratified the Convention and adopted obligations, because of this the confiscation legislation is incompatible with strict banking confidentiality laws. The work draws on the experience of criminologists to offer critical insight into the legislative frameworks designed to deal with banking secrecy and confiscation in offshore financial centers. It goes on to offer suggestions for measures that may be taken by major economies to circumvent the lack of cooperation by offshore financial centers as intolerance towards money laundering grows in light of recent political and economic events.
This book will be of particular interest to students and scholars of Law, Finance and Criminology.
1. Introduction 2. Confiscation: Justifications and Competing Interests 3. International Law 4. Regional Law 5. Case Study: The Cayman Islands 6. Tackling Strong Banking Confidentiality to Strengthen Confiscation 7. Conclusion
Mary Alice Young is a a Research Assistant and tutor in financial crime with the Department of Business and Management, Aberystwyth University, UK.. Dr Young gained her PhD from the Department of Law & Criminology at the University of Aberystwyth in October 2011, after previously graduating in 2005 with the LL.M International Business Law and in 2003 with the LL.B Law.