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The Money Laundry

Author: J. C. Sharman
Publisher: Cornell University Press
ISBN: 0801463203
Size: 17.48 MB
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A generation ago not a single country had laws to counter money laundering; now, more countries have standardized anti-money laundering (AML) policies than have armed forces. In The Money Laundry, J. C. Sharman investigates whether AML policy works, and why it has spread so rapidly to so many states with so little in common. Sharman asserts that there are few benefits to such policies but high costs, which fall especially heavily on poor countries. Sharman tests the effectiveness of AML laws by soliciting offers for just the kind of untraceable shell companies that are expressly forbidden by global standards. In practice these are readily available, and the author had no difficulty in buying the services of such companies. After dealing with providers in countries ranging from the Seychelles and Somalia to the United States and Britain, Sharman demonstrates that it is easier to form untraceable companies in large rich states than in small poor ones; the United States is the worst offender. Despite its ineffectiveness, AML policy has spread via three paths. The Financial Action Task Force, the key standard-setter and enforcer in this area, has successfully implemented a strategy of blacklisting to promote compliance. Publicly identified as noncompliant, targeted states suffered damage to their reputation. Subsequently, officials from poor countries became socialized within transnational policy networks. Finally, international banks began using the presence of AML policy as a proxy for general country risk. Developing states have responded by adopting this policy as a functionally useless but symbolically valuable way of reassuring powerful outsiders. Since the financial crisis of 2008, the G20 has used the successful methods of coercive policy diffusion pioneered in the AML realm as a model for other global governance initiatives.

Havens In A Storm

Author: Jason Campbell Sharman
Publisher: Cornell University Press
ISBN: 9780801445040
Size: 73.12 MB
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Small states have learned in recent decades that capital accumulates where taxes are low; as a result, tax havens have increasingly competed for the attention of international investors with tax and regulatory concessions. Economically powerful countries including France, Britain, Japan, and the United States, however, wished to stanch the offshore flow of domestic taxable capital. Since 1998 the Organisation for Economic Co-operation and Development (OECD) has attempted to impose common tax regulations on more than three dozen small states. In a fascinating book based on fieldwork and interviews in twenty-two countries in the Caribbean, North America, Europe, and islands in the Pacific and Indian Oceans, J. C. Sharman shows how the struggle was decided in favor of the tax havens, which eventually avoided common regulation. No other book on tax havens is based on such extensive fieldwork, and no other author has had access to so many of the key decision makers who played roles in the conflict between onshore and offshore Sharman suggests that microstates succeeded in their struggle with great powers because of their astute deployment of reputation and effective rhetorical self-positioning. In effect, they persuaded a transnational audience that the OECD was being untrue to its own values by engaging in a hypocritical, bullying exercise inimical to free competition.

Global Shell Games

Author: Michael G. Findley
Publisher: Cambridge University Press
ISBN: 110704314X
Size: 27.81 MB
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Every year a staggering number of corporate service providers mask perpetrators of terrorist financing, corruption and illegal arms trades, but the degree to which firms flout global identification standards remains unknown. This book sheds new light on the sordid world of anonymous shell corporations through a series of field experiments.

The Despot S Guide To Wealth Management

Author: J.C. Sharman
Publisher: Cornell University Press
ISBN: 1501708430
Size: 25.84 MB
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An unprecedented new international moral and legal rule forbids one state from hosting money stolen by the leaders of another state. The aim is to counter grand corruption or kleptocracy ("rule by thieves"), when leaders of poorer countries—such as Marcos in the Philippines, Mobutu in the Congo, and more recently those overthrown in revolutions in the Arab world and Ukraine—loot billions of dollars at the expense of their own citizens. This money tends to end up hosted in rich countries. These host states now have a duty to block, trace, freeze, and seize these illicit funds and hand them back to the countries from which they were stolen. In The Despot's Guide to Wealth Management, J. C. Sharman asks how this anti-kleptocracy regime came about, how well it is working, and how it could work better. Although there have been some real achievements, the international campaign against grand corruption has run into major obstacles. The vested interests of banks, lawyers, and even law enforcement often favor turning a blind eye to foreign corruption proceeds. Recovering and returning looted assets is a long, complicated, and expensive process. Sharman used a private investigator, participated in and observed anti-corruption policy, and conducted more than a hundred interviews with key players. He also draws on various journalistic exposés, whistle-blower accounts, and government investigations to inform his comparison of the anti-kleptocracy records of the United States, Britain, Switzerland, and Australia. Sharman calls for better policing, preventative measures, and use of gatekeepers like bankers, lawyers, and real estate agents. He also recommends giving nongovernmental organizations and for-profit firms more scope to independently investigate corruption and seize stolen assets.

Tax Havens

Author: Ronen Palan
Publisher: Cornell University Press
ISBN: 0801468566
Size: 11.17 MB
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From the Cayman Islands and the Isle of Man to the Principality of Liechtenstein and the state of Delaware, tax havens offer lower tax rates, less stringent regulations and enforcement, and promises of strict secrecy to individuals and corporations alike. In recent years government regulators, hoping to remedy economic crisis by diverting capital from hidden channels back into taxable view, have undertaken sustained and serious efforts to force tax havens into compliance. In Tax Havens, Ronen Palan, Richard Murphy, and Christian Chavagneux provide an up-to-date evaluation of the role and function of tax havens in the global financial system-their history, inner workings, impact, extent, and enforcement. They make clear that while, individually, tax havens may appear insignificant, together they have a major impact on the global economy. Holding up to $13 trillion of personal wealth-the equivalent of the annual U.S. Gross National Product-and serving as the legal home of two million corporate entities and half of all international lending banks, tax havens also skew the distribution of globalization's costs and benefits to the detriment of developing economies. The first comprehensive account of these entities, this book challenges much of the conventional wisdom about tax havens. The authors reveal that, rather than operating at the margins of the world economy, tax havens are integral to it. More than simple conduits for tax avoidance and evasion, tax havens actually belong to the broad world of finance, to the business of managing the monetary resources of individuals, organizations, and countries. They have become among the most powerful instruments of globalization, one of the principal causes of global financial instability, and one of the large political issues of our times.

Europe And The Governance Of Global Finance

Author: Daniel Mügge
Publisher: Oxford University Press, USA
ISBN: 0199683964
Size: 36.13 MB
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1: Daniel Mügge: Introduction 2: Eilís Ferran: Financial Supervision 3: Jasper Blom: Banking 4: Daniel Mügge: Securities and Derivatives Markets 5: Lucia Quaglia: Insurance 6: Bart Stellinga: Accounting Standards 7: David Howarth and Lucia Quaglia: Hedge Funds 8: Stefanie Hiss and Sebastian Nagel: Credit Rating Agencies 9: Eleni Tsingou: Money Laundering 10: Duncan Wigan: Offshore Financial Centres 11: Andrew Baker: Macroprudential Regulation.

The Puppet Masters

Author: Emile van der Does de Willebois
Publisher: World Bank Publications
ISBN: 0821388967
Size: 59.23 MB
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This report examines the use of these entities in nearly all cases of corruption. It builds upon case law, interviews with investigators, corporate registries and financial institutions and a 'mystery shopping' exercise to provide evidence of this criminal practice.

Susan Strange And The Future Of Global Political Economy

Author: Randall Germain
Publisher: Routledge
ISBN: 1317239342
Size: 20.48 MB
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This edited volume addresses the 2007/2009 financial crisis as the occasion to engage critically with the corpus of Susan Strange’s work, in order to consider what changes (if any) this crisis portends for the structural organization of the global political economy. The contributors use Strange’s rich conceptual framework to explore the financial crisis and its aftermath, and reflect critically on the broader contributions which her work has made to the discipline of IPE. The volume makes three valuable contributions for scholars and students. First, it raises the profile of Susan Strange, a unique and powerful contributor to the field of IPE whose ideas matter to our current circumstance and can provide deep and enduring insights into important questions and issues. Secondly, each contributor to this volume combines her work and ideas with that of other traditions or individual theorists in ways that extend and/or deepen Strange’s own efforts. Finally, this volume leaves us with a judicious optimism about the future of both IPE and the world as it actually is, on the ground. This book will be of interest to scholars and students who are interested in the dynamics shaping contemporary and future developments in the global political economy, as well as those who are interested in the theoretical debates about how to study IPE.

Issues And Actors In The Global Political Economy

Author: André Broome
Publisher: Macmillan International Higher Education
ISBN: 1137390476
Size: 66.38 MB
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A major new text on contemporary global political economy that focuses centrally on key issues and actors. Concise and accessibly written, it provides an ideal introduction to the contemporary dynamics and processes of change in the global political economy.

The Foundations And Future Of Financial Regulation

Author: Mads Andenas
Publisher: Routledge
ISBN: 113504337X
Size: 35.70 MB
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Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.