Banking Secrecy and Offshore Financial Centers

Money laundering and offshore banking

By Mary Alice Young

© 2013 – Routledge

194 pages

Purchasing Options:
Hardback: 9780415526326
pub: 2012-11-27
US Dollars$140.00
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About the Book

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.

Table of Contents

1. Introduction 2. Confiscation: Justifications and Competing Interests 3. International Law 4. Regional Law 5. Case Study: The Cayman Islands 6. Tackling Strong Banking Confidentiality to Strengthen Confiscation 7. Conclusion

About the Author

Mary Alice Young is a a Research Assistant and tutor in financial crime with the Department of Business and Management, Aberystwyth University, UK.. Dr Young gained her PhD from the Department of Law & Criminology at the University of Aberystwyth in October 2011, after previously graduating in 2005 with the LL.M International Business Law and in 2003 with the LL.B Law.

About the Series

Routledge Research in Finance and Banking Law

This series explores the key developments in financial and banking law, offering critical analyses of legislation and regulatory frameworks at the international regional and domestic levels. Legislation, case law, regulatory structures and institutions are discussed from a variety of theoretical and methodological approaches. The books in this series provide valuable and far-reaching investigations into the challenges of regulating finance and banking in a fast-moving and interconnected global economy.

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Subject Categories

BISAC Subject Codes/Headings:
LAW000000
LAW / General
LAW007000
LAW / Banking
LAW026000
LAW / Criminal Law / General
LAW036000
LAW / Ethics & Professional Responsibility