Life and annuity products in the context of transformation of rules affecting offshore financial centres: Changing rules
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Volume 3 Number 4
Life and annuity products in the context of transformation of rules affecting offshore financial centres: Changing rules require enhanced due diligence — PART 2 Bruce Zagaris Berliner, Corcoran & Rowe, 1101 Seventeenth Street, N.W., Suite 1100, Washington, DC 20036, USA tel: +1 202-293-5555; fax: +1 202-293-9035; e-mail: [email protected]
Bruce Zagaris is a partner with the law firm of Berliner, Corcoran & Rowe, Washington, DC. His private practice includes criminal trail 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.
ABSTRACT The second, concluding part of Bruce Zagaris’ 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. 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 the Florida Bar, Tallahassee, Florida. CONVERGENCE OF BANK SUPERVISORY AND ANTI MONEYLAUNDERING POLICIES The convergence of banking supervisory and anti money-laundering policies is a
result of the establishment of a new international financial architecture (NIFA). The architecture is a response of international governmental organisations and national governments to the recent series of financial crises in East Asia and worldwide. The exaggerated and disproportionate market reaction to the vulnerabilities of the international financial system is a response to the ‘contagion’ from the crisis. The NIFA is an effort to stem the problems of macroeconomic imbalances, weak financial institutions, rampant corruption, lack of system and institutional decisionmaking transparency, improper sequencing in the liberalisation process, and the overall need to improve the legal and institutional mechanisms surrounding international financial transactions. Before reviewing elements of the convergence of bank supervisory and anti money-laundering policies, it is instructive to consider the FSF’s report on OFCs. Financial Stability Forum publishes ranking of offshore financial centres On 5th April, 2000, the FSF published a list ranking 42 OFCs according to their levels of compliance with international standards of supervision and transparency.53 The
Journal of International Banking Regulation, Vol. 3, No. 4, 2002, pp. 327–347 Henry Stewart Publications, 1465–4830
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Life and annuity products
publication was met with strong criticism by Owen Arthur, the Prime Minister of Barbados. In April 1999, the FSF asked a working group to report on the implications of OFCs for global financial stability and make recommendations to address any conc
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