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Banking Secrecy And Offshore Financial Centers

Author: Mary Alice Young
Publisher: Routledge
ISBN: 0415526329
Size: 33.84 MB
Format: PDF
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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.

Competition Law And Financial Services

Author: David Harrison
Publisher: Routledge
ISBN: 1134090862
Size: 51.56 MB
Format: PDF
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Competition law underpins the market economy by prohibiting anti-competitive agreements and practices, and the abuse of dominant positions in the market. Until the financial crisis it was widely assumed that the financial services industry was highly competitive. This book explores the extent to which this is the case. By analysing crisis and pre-crisis competition law cases and examples from the UK, the EU and around the world, David Harrison asks whether there exists good reason for financial services to be treated differently from the rest of the market economy. The theory of market efficiency is not borne out in practice. He particularly draws upon John Maynard Keynes in examining the differences between price mechanisms in product markets for "normal" goods, and price mechanisms in financial and investment markets where expectations of the future tend to play a greater role, leading to greater price fluctuations. In this evaluation, the book examines aspects of the practical functioning of capital markets such as the phenomenon of herding behaviour by financial participants, how short-term behaviour by intermediaries can be to the disadvantage of savers and productive investment, the relationship between investment markets and product markets and the extent to which the same competition rules apply to undertakings involved in both. The book will be invaluable to students, researchers and practitioners of banking and finance law, and commercial and competition law. .

Institutional Structure Of Financial Regulation

Author: Robin Hui Huang
Publisher: Routledge
ISBN: 1317910648
Size: 74.55 MB
Format: PDF, ePub, Mobi
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In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the US, and the programme to split the Financial Services Authority in the UK. This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan. The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.

Tax Havens And International Human Rights

Author: Paul Beckett
Publisher: Routledge
ISBN: 1317210921
Size: 39.78 MB
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This book sails in uncharted waters. It takes a human rights-based approach to tax havens, and is a detailed analysis of structures and the laws that generate and support these. It makes plain the unscrupulous or merely indifferent ways in which, using tax havens, businesses and individuals systematically undermine and for all practical purposes eliminate access to remedies under international human rights law. It exposes as abusive of human rights a complex structural web of trusts, companies, partnerships, foundations, nominees and fiduciaries; secrecy, immunity and smoke screens. It also lays bare the cynical manipulation by tax havens of traditional legal forms and conventions, and the creation of entities so bizarre and chimeric that they defy classification. Yet from the perspective of the tax havens themselves, these are entirely legitimate; the product of duly enacted domestic laws. This book is not a work of investigative journalism in the style of the Pulitzer Prize-winning authors of The Panama Papers, exposing political or financial corruption, money laundering or the financing of terrorism. All those elements are present of course, but the focus is on international human rights and how tax havens do not merely facilitate but actively connive at their breach. The tax havens are compromising the international human rights legal continuum.

Islands In The Net

Author: Bruce Sterling
Publisher: Open Road Media
ISBN: 1497686512
Size: 53.94 MB
Format: PDF, Docs
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In a near-future new age of corporate control, hacker mercenaries, and electronic terrorism, a public relations executive on the rise finds herself caught in the violent epicenter of a data war Two decades into the twenty-first century, the world’s nations are becoming irrelevant. Corporations are the true global powers, with information the most valuable currency, while the smaller island nations have become sanctuaries for data pirates and terrorists. A globe-trotting PR executive for the large corporate economic democracy Rizome Industries Group, Laura Webster is present when a foreign representative is assassinated on Rizome soil during a conference for offshore data havens. Dispatched immediately on an international mission of diplomacy, Laura hopes she can make a difference in a volatile, unsteady world, but instead finds herself trapped on the front lines of rapidly escalating third-world hostilities and caught up in an inescapable net of conspiracy, terrorism, post-millennial voodoo, and electronic warfare. During the 1980s, science fiction luminary Bruce Sterling envisioned the future . . . and hit it almost dead-on. The author who, along with William Gibson, Neal Stephenson, and Rudy Rucker, helped create and define the cyberpunk subgenre imagines a world of tomorrow in Islands in the Net that bears a striking—and disturbing—resemblance to our present-day information-age reality. Nominated for the Hugo and Locus Awards and winner of the John W. Campbell Memorial Award, Sterling’s extraordinary novel is a gripping, eye-opening, and remarkably prescient science fiction classic.

The Scale And Impacts Of Money Laundering

Author: Brigitte Unger
Publisher: Edward Elgar Publishing
ISBN: 1781007624
Size: 36.81 MB
Format: PDF, ePub, Docs
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"Money laundering is a problem of some magnitude internationally and has long term negative economic impacts. Brigitte Unger argues that today, money laundering is largely linked to fraud and that it is not only small islands and tax heavens that launder, but increasingly industrialized countries like the US, Australia the Netherlands and the UK. Well-established financial markets and growing economies with sound political and social structures attract launderers in the same way as they attract honest capital. The book gives an interdisciplinary overview of the state-of-the-art of money laundering as well as describing the legal problems of defining and fighting money laundering. It then goes on to present a number of economic models designed to measure money laundering and applies these to measuring the size of laundering in the Netherlands and Australia. The book also gives an overview of techniques and potential effects of money laundering identified and measured so far in the literature. It adds to this debate by calculating the effects of laundering on crime and economic growth. This book will be of great interest to lawyers, financial experts, economists, political scientists, as well as to government ministries, international and national organizations and central banks."--Jacket.

The Offshore World

Author: Ronen Palan
Publisher: Cornell University Press
ISBN: 9780801472954
Size: 67.59 MB
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The atlas of contemporary capitalism is curious indeed. A desperately poor and civil-war-wracked nation, Liberia, is the world's shipping superpower; the Cayman Islands the fifth-largest financial center in the world; land-locked Zurich a venerable "offshore" banking center. Indeed, it is estimated that half of the global stock of money passes through tax havens. The logic of the offshore world, where millionaires and corporations roam in search of financial advantage, is slippery. It challenges many conventional assumptions about power and economics.In the single most comprehensive account of the offshore economy, Ronen Palan investigates the legal spaces, unregulated and yet maintained and supported by the state system, that have emerged for purposes of international finance, tax havens, export processing zones, flags of convenience, and e-commerce. The offshore economy had its beginnings in the late nineteenth century, saw early development after the First World War, and metastasized in the 1970s. Palan believes that a rapidly expanding offshore economy is now producing a new market in sovereignty; states have discovered that their rights to write law may be used as a commercial asset. This commercialization of sovereignty, he asserts, undermines the legitimacy of the nation-state and supports a form of nomadic capitalism.

Redefining The Market State Relationship

Author: Ioannis Glinavos
Publisher: Routledge
ISBN: 1136014802
Size: 68.69 MB
Format: PDF
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This book offers an interdisciplinary overview of the role of law in modern capitalism in the context of financial crisis. In this work, the reader will find a discussion of key issues relevant to the crisis that have occupied the pages of the financial press since 2007 including an assessment of the meltdown of the sub-prime mortgage market, the credit crunch, the European debt crisis and the turmoil in Greece, plus a series of theoretical contributions that are aimed to challenge perceptions of the market-state relationship and the place of law within it. The book includes a methodological defence of the state-market dichotomy, a critique of the tenets of neoclassical economics, and an evaluation of what the financial crisis heralds for the future of the political economy of western democracies. Ioannis Glinavos argues that it is a mistake to associate markets with freedom and states with oppression, and suggests that more choice for consumers can -and does- mean less choice for citizens. The book suggests that a new social contract is needed to ensure the survival of both capitalism and democracy. In contributing a unique, legal perspective to the underlying dynamics of the financial crisis, this book will be valuable to scholars and students of regulation, financial markets and economic development.

Offshore

Author: Alain Deneault
Publisher: The New Press
ISBN: 1595588469
Size: 61.22 MB
Format: PDF, Kindle
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Offshore reveals how the vast network of unregulated financial centers—from Luxemburg to the Cayman islands to the tiny Pacific haven of Nauru— amount to a nether realm of drug and arms trade profits, enormous private accounts, and multinational corporate financial holdings. Delving into the scandals, the financial structure, and the history of this hidden side of globalization, sociologist Alain Deneault depicts something larger and more ominous than simple “tax havens” where financial elites and corporations must reside X days out of every calendar year to protect their earnings. Instead, Offshore describes a global base of operations from which massive criminal enterprises and corrupt corporations operate freely and with impunity, menacing developing nations and advanced democracies alike.

Super Pac

Author: Conor M. Dowling
Publisher: Routledge
ISBN: 1135054746
Size: 55.74 MB
Format: PDF, ePub, Mobi
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Recent federal court activity has dramatically changed the regulatory environment of campaign finance in the United States. Since 2010, the judiciary has decided that corporations and labor unions may freely spend in American elections, and that so-called "Super PACs" can accept unlimited contributions from private citizens for the purpose of buying election advertising. Despite the potential for such unregulated contributions to dramatically alter the conduct of campaigns, little is known about where Super PACs get their money, where they spend it, or how their message compares with other political groups. Moreover, we know almost nothing about whether individual citizens even notice Super PACs, or whether they distinguish between Super PAC activity and political activity by other political groups. This book addresses those questions. Using campaign finance data, election returns, advertising archives, a public opinion survey, and survey experiments, Super PAC! provides unprecedented insight into the behavior of these organizations, and how they affect public opinion and voting behavior. The first in-depth exploration of the topic, this book will make significant contributions in both political science and applied policy.