Life and annuity products in the context of transformation of rules affecting offshore financial centres: Changing rules
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Life and annuity products in the context of transformation of rules affecting offshore financial centres: Changing rules require enhanced due diligence — PART 1 Bruce Zagaris Berliner, Corcoran & Rowe, 1101 Seventeenth Street, N.W., Suite 1100, Washington, DC 20036, USA tel: 202- 293-5555;fax: 202-293-9035; e-mail: [email protected]
Bruce Zagaris is a partner with the law firm of Berliner, Corcoran & Rowe, Washington, DC. His private practice includes criminal trial and appellate work. He has served as counsel in more than 40 criminal trials and five appellate cases. In addition he has handled evidence gathering and extradition cases on both the interstate and international levels and cases involving prisoner transfer applications.
Journal of International Banking Regulation, Vol. 3, No. 3, 2001, pp. 230–255 # Henry Stewart Publications, 1465–4830
Page 230
ABSTRACT In an era when technology, free trade and consumerism have combined to bring together world markets, perhaps none more so than in financial services, Bruce Zagaris provides an incisive guide to the fast moving developments in anti money-laundering efforts affecting offshore financial centres and the implications for insurance businesses and their life and annuity products. Published in two parts, this paper is a revised version of ‘Tax havens beware, fiscal transparency and what else? The rules are changing and it’s crazy out there!’, The 19th Annual International Tax Conference by the Florida Bar, Wyndham Miami Beach Resort, 25th–26th January, 2001. It is printed here with the permission of Florida Bar, Tallahasee, Florida.
Bruce Zagaris begins this first of a two-part paper by reviewing the efforts of both governments and international organisations to combat transnational crime. The paper continues with an examination of the OECD report which lists 35 tax havens and 47 preferential regimes that may violate principles of fair tax competition, before going on to consider the FATF report on non-cooperative countries. Part 2 — published in the next issue of the journal — examins the new international financial architecture and the policies emanating from anti money-laundering activities. INTRODUCTION Overview1 Globalisation, technology, free trade, and consumerism increasingly have brought the world together. Instantaneously persons, entities, governments, and international governmental organisations (IGOs) can move people, goods, services, capital, and other tangible and intangible assets in an increasingly borderless world. Transnational organised criminals and even the petty criminals can and do easily take advantage of the ability to do business in a borderless world. Governments and law enforcement agen-
Zagaris
cies struggle to cope with the pressures on their border — the pressures of illegal money, illegal aliens, stolen planes and vehicles, stolen art, illicit trafficking of arms and nuclear material, narcotics, aliens, and so forth. Overnight, the gaps in law enforcement empower mom and pop gangs, whether it is the Andean or Mexican druglords, the
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