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.
