11th September and revelations from the Enron collapse add to the mounting pressure on offshore financial centres

Journal of Financial Regulation and Compliance

Volumn 10, Issue 4, 2002, Pages 341-354

  Johnson, Jackie ^a  

^a UNIVERSITY OF WESTERN AUSTRALIA   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 85032764297     PISSN: 13581988     EISSN: 17400279     Source Type: Journal    
DOI: 10.1108/13581980210810328     Document Type: Article

References (77)

1. IMF (2000) ‘Offshore Financial Centres,' IMF background paper, Monetary and Exchange Affairs Department, 23rd June, 2000.
2. Financial Stability Forum (2000) ‘Financial Stability Forum releases grouping of offshore financial centres to assist in setting priorities for assessment’, public releases, 25th May, 2000.
3. Home Office (1998) ‘Review of financial regulation in the Crown Dependencies (Edwards Review)', presented to Parliament by the Secretary of State for the Home Department, November, http://www.archive.official-documents.co.uk/document/cm41/4109/4109.htm.
4. Details available from the ITIO website http://www.itio.org.
5. Six largest British Overseas Territories are Anguilla, Bermuda, British Virgin Islands, the Cayman Islands, Montserrat and the Turks & Caicos Islands.
6. HM Treasury 2000 ‘Review of financial regulation in the Caribbean Overseas Territories and Bermuda,' HM Treasury News Release 122/00, 27th October, 2000.
7. International Monetary and Financial Committee press conference by UK Chancellor of the Exchequer Gordon Brown and International Monetary Fund Managing Director Horst Kohler, Government Conference Centre, Ottawa, Canada, 17th November, 2001.
8. G-7 countries: USA, UK, Canada, Germany, France, Italy and Japan.
9. G-20 countries: G-7 plus Argentina, Australia, Brazil, China, India, Indonesia, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey and the EU.
10. US Department of State (2001) ‘G-7 Finance Ministers’ statement on terrorist financing’, Office of International Information Programs, 25th September, 2001;
11. ‘Forty European countries form “coalition” against terrorism’, Agence France-Presse, 20th October, 2001.
12. US Department of State (2001) ‘Transcript: Bush, O’Neill, Powell on freezing terrorist assets’, Office of International Information Programs, 24th September.
13. US Department of State (2001) ‘US tightens net around terrorists’ financial backers’, Office of International Information Programs, 4th December.
14. US Department of State (2001) ‘Customs Service on anti-terrorist finance initiative’, Office of International Information Programs, 25th October.
15. FATF (2001) ‘Special recommendations on terrorist financing’, 31st October.
16. Doward, J. (2001) ‘Funding terror: when slaughter is cheap,' The Observer, 30th September.
17. ‘The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001'.
18. Associated Press (2002) ‘EU lawmakers fight money laundering’, 8th February.
19. Dow Jones International News (2002) ‘US securities firms offshore clients hold billions’, 29th January.
20. Investment Dealers Association of Canada (2002) ‘IDA announces action plan on offshore accounts survey’, press release, 6th March.
21. Enron subsidiaries incorporated in the following locations as at 31st December, 2000: 692 in the Cayman Islands; 110 in the Turks & Caicos Islands; 43 in Mauritius; nine in Bermuda; five in Barbados; four in Puerto Rico; two in Hong Kong and Panama; and one each in Aruba, the British Virgin Islands, Guam, Guernsey and Singapore. Sources: Freedberg, S. (2002) ‘Enron allies helped stave off tax haven crackdown’, St. Petersburg Times, South Pinellas, 19th January;
22. Johnson, G. (2002) ‘Congress may act to tax some corporations operating on foreign soil’, The Boston Globe, 12th March;
23. Citizens for Tax Justice (2002) ‘Less than zero: Enron’s corporate income tax payments - 1996-2000', 202-626-3780, 17th January.
24. Oxfam GB Policy Paper (2000) ‘Tax havens: Releasing the hidden billions for poverty eradication’, June.
25. Gallun, A. (2002) ‘Sara Lee’s special sweetener: Tax breaks key ingredient in profits’, Crain’s Chicago Business, 18th March.
26. Johnston, D. C. (2002) ‘US corporations are using Bermuda to slash tax bills’, The New York Times, 18th February;
27. McIntyre, R. S. (2002) ‘Putting profits over patriotism’, American Prospect, 25th March.
28. Statement of Paul H. O’Neill before the Senate Committee on Governmental Affairs Permanent Subcommittee on Investigations, OECD Harmful Tax Practices Initiative, Treasury News, Ref PO-486, 18th July, 2001.
29. ‘OECD removes demand that tax havens end “ring fencing” ', OffshoreOn.com, http://www.offshoreon.com/articles/2066.asp?docid=2066.
30. ‘Recommendation of the Council on implementing the proposals contained in the 1998 ‘Report on Harmful Tax Competition’, OECD, C(2000)98, 16th June, 2000.
31. Johnson, G. (2002) ‘Congress may act to tax some corporations operating on foreign soil’, The Boston Globe, 12th March.
32. Oxfam GB Policy Paper (2000) ‘Congress may act to tax some corporations operating on foreign soil’, The Boston Globe, 12th March.
33. UK tax havens reject FSA criticism’, Private Banker International, 11th October, 2001
34. ‘Luxembourg’s banking secrecy stops where criminality begins’, International Money Marketing, 6th November, 2001
35. ‘Swiss banks after September 11', Private Banker International, 11th October, 2001.
36. Cusa, J. (2001) ‘CAB to lead anti-terrorism efforts here - The campaign to seize assets of Asama bin Laden’s group, Al Qaeda, will bring US authorities to the Republic and involve co-operation by the Criminal Assets Bureau’, Irish Times, 28th September.
37. Clark, R. of Carey Langlois, Guernsey, in The Lawyer, 1st October, 2001.
38. ‘Latest Jersey FSC guidelines make Maltese cross’, International Money Marketing, 7th September, 2000.
39. ‘A new approach to tackling financial crime’, International Money Marketing, 6th November, 2001.
40. ‘Jersey passes new counter-terrorist funding legislation’, Private Banker International, 13th November, 2001.
41. ‘Andorra: Review 2000', European Review: World of Information, 19th September, 2000.
42. ‘The CFATF position on terrorism and terrorist financing’, CFATF press release, 19th October, 2001.
43. ‘Stamping out crime’, The Banker, 1st November, 2001.
44. ‘No Bahraini banks, organisations finance terrorism’, Agence France-Presse, 26th September, 2001
45. ‘Bahrain mulls to freeze suspect funds’, Gulf News, 1st October, 2001
46. ‘Bahrain c. bank says froze two suspect accounts’, Reuters English News Service, 8th January, 2002.
47. ‘No trace of bin Laden money laundering in Monaco’, Agence France-Presse, 12th October, 2001.
48. ‘France, Monaco agree anti-money laundering measures’, Tax-News.com, Brussels, 25th October, 2001.
49. Wilkinson, B. (2001) ‘Caribbean leaders say islands unfairly targeted for money laundering’, Associated Press Newswires, 13th October.
50. Whitefield, M. (2001) ‘Antigua, other offshore banks search records for possible terrorist activity’, The Miami Herald, Florida, 3rd October.
51. James, C. (2001) ‘Caribbean tax havens focus on possible terrorist connections’, Financial Times, 28th September;
52. Joseph, S. (2001) ‘Bahamas turns over files on defunct bank on US suspect list’, Associated Press Newswires, 7th November.
53. ‘Weekly business briefs from the Caribbean’, Associated Press Newswires, 1st November, 2001.
54. Lapper, R. (2001) ‘Bahamas - Shockproof isles must face up to change’, Financial Times, 19th December.
55. ‘Cayman Islands “ready, willing and able” to assist US authorities’, PR Newswire, 26th September, 2001.
56. Whitefield, M. (2001) ‘Antigua, other offshore banks search records for possible terrorist activity’, The Miami Herald, Florida, 3rd October.
57. ‘Weekly business briefs from the Caribbean’, Associated Press Newswires, 1st November, 2001.
58. Carter, E. (2001) ‘Dominica OKs money laundering law’, AP Online, 25th December.
59. Aversa, J. (2002) ‘US signs agreement with Bahamas to crack down on tax evaders’, Associated Press Newswires, 25th January;
60. ‘Cayman hedge funds under threat’, Private Banker International, 14th January, 2002
61. ‘US signs tax info-sharing pact with Netherlands Antilles’, Dow Jones Capital Markets Report, 18th April, 2002.
62. Gonzalez, D. (2001) ‘Changed Panama banks root out terror funds,' The New York Times, 26th October.
63. ‘Panama unveils plan to end money laundering’, Reuters English News Service, 6th February, 2002.
64. ‘Niue considers withdrawing licenses to international firms’, Radio New Zealand International, Wellington, 22nd February, 2002
65. ‘Decision time for Pacific “tax havens” as OECD deadline looms’, Pacific Islands Broadcasting Association News Service, 8th February, 2002.
66. ‘OECD issues hit list of tax havens and harmful tax regimes’, Canadian Tax Letter, July, 2000.
67. ‘Vanuatu declines to join OECD tax haven initiative, sees double standard’, Agence France-Presse, 27th February, 2002.
68. Mossack Fonseca & Co, http://www.mossfon.com/bvi.html.
69. Johnson, J. (2001) ‘Blacklisting: initial reactions, responses and repercussions’, Journal of Money Laundering Control, Vol. 4, No. 3, pp. 211-225.
70. Shields, M. (2002) ‘Liechtenstein, OECD at loggerheads on tax talk’, Reuters English News Service, 10th April, 2002;
71. Parker, A. and Peel, M. (2002) ‘Liechtenstein and Monaco to be named tax outlaws’, Financial Times, 16th April;
72. ‘Today’s people on the move’, Financial Times, FT.com, 10th October, 2001.
73. Nicholson, J. (2002) ‘Tax haven progress due to US efforts’, Reuters English News Service, 18th April.
74. ‘OECD says will ensure that blacklisted tax havens do not attract funds’, AFX News, 18th April, 2002.
75. ‘France leads way in anti-money laundering action against Nauru’, Agence France-Presse, 11th February, 2002.
76. Smith, N. (2002) ‘Pacific paupers keep on laundering’, National Business Review, 1st March.
77. ‘FATF cracks down on terrorist financing’, FATF Press Release, Washington, 31st October, 2001.