Offshore Financial Centres and the Law
Suspect Wealth in British Overseas Territories
The Law of Financial Crime Series

This book considers the ability of island jurisdictions with financial centres to meet the expectations of the international community in addressing the threats posed to themselves and others by their innocent (or otherwise) facilitation of the receipt of suspect wealth.

In the global financial architecture, British Overseas Territories are of material significance. Through their inalienable right to self-determination, many developed offshore financial centres to achieve sustainable economic development. Focusing on Bermuda, Turks and Caicos, and Anguilla, the book concerns suspect wealth emanating from financial crimes including corruption, money laundering and tax evasion, as well as controversial conduct like tax avoidance. This work considers the viability of international standards on suspect wealth in the context of the territories, how willing or able they are to comply with them, and how their financial centres can better prevent receipt of suspect wealth. While universalism is desirable in the modern approach to tackling suspect wealth, a one-size-fits-all approach is inappropriate for these jurisdictions. On critically evaluating their legislative and regulatory regimes, the book advances that they demonstrate willingness to comply with international standards. However, their abilities and levels of compliance vary. In acknowledging the facilitatively harmful role the territories can play, this work draws upon evidence of implication in transnational financial crime cases. Notwithstanding this, the book questions whether the degree of criticism that these offshore jurisdictions have encountered is warranted in light of apparent willingness to engage in the enactment and administration of internationally accepted laws and cooperate with international institutions.

Chapter 1: Introduction and Conceptual Framework

Chapter 2: Concerns about Economic Crime and Suspect Wealth

Chapter 3: Offshore Financial Centres and the British Overseas Territories

Chapter 4: Bermuda

Chapter 5: The Turks and Caicos Islands

Chapter 6: Anguilla

Chapter 7: Privacy and Increasing Transparency: What does it mean for the future of offshore financial centres?

Chapter 8: Conclusion

Dominic Thomas-James is a Postdoctoral Research Associate at Fitzwilliam College, University of Cambridge and is a Global Justice Fellow at Yale University. He is a Course Director and Tutor in International Development and International Relations at the University of Cambridge Institute of Continuing Education, and is a Member of the Cambridge Centre for Criminal Justice. He earned his Ph.D. and M.Phil. from Queens’ College, University of Cambridge, and read law at King’s College London. He is a Secretariat Member of the Annual Cambridge International Symposium on Economic Crime at Jesus College, Cambridge. He regularly speaks at international conferences and forums and has served as a consultant to various inter-governmental and international organisations. He is a practising barrister, called to the Bar of England and Wales by the Inner Temple, and is a Door Tenant at Goldsmith Chambers, London.