|
|
 |
|
|
|
Offshore bank - Regulation of offshore banks | | Offshore bank - Regulation of offshore banks: Encyclopedia II - Offshore bank - Regulation of offshore banks | | In the 21st century, the majority of offshore banks operate within highly regulated environments. The quality of the regulation in monitored by supra-national bodies such as the IMF. Banks are generally required to maintain capital adequacy in accordance with international standards. They must report at least quarterly to the regulator on the current state of the business.
Whilst offshore banking has a historic association with tax evasion or organised crime, it is an important part of the international financial system. For example, ...
See also:Offshore bank, Offshore bank - Advantages of offshore banking, Offshore bank - Disadvantages of offshore banking, Offshore bank - Banking services, Offshore bank - Regulation of offshore banks, Offshore bank - Offshore financial centres | | | Offshore bank, Offshore bank - Advantages of offshore banking, Offshore bank - Banking services, Offshore bank - Disadvantages of offshore banking, Offshore bank - Offshore financial centres, Offshore bank - Regulation of offshore banks, Anonymous banking, Corporate haven, List of finance topics, Private bank, Swiss bank, Tax haven | | |
| | | Offshore bank: Encyclopedia II - Offshore bank - Regulation of offshore banks
Offshore bank - Regulation of offshore banks
In the 21st century, the majority of offshore banks operate within highly regulated environments. The quality of the regulation in monitored by supra-national bodies such as the IMF. Banks are generally required to maintain capital adequacy in accordance with international standards. They must report at least quarterly to the regulator on the current state of the business.
Whilst offshore banking has a historic association with tax evasion or organised crime, it is an important part of the international financial system. For example, Swiss banks hold an estimated 35 percent of the world's private and institutional funds, and the Cayman Islands are the fifth largest banking centre globally in terms of deposits.
Since the late 1990s there has been a number of initiatives to increase the transparency of offshore banking. A few examples of these are:
- The tightening of anti-money laundering regulations in many countries including most popular offshore banking locations means that bankers are required to report suspicion of money laundering to the local police authority, regardless of banking secrecy rules. There is more international co-operation between police authorities.
- In the USA the IRS introduced Qualifying Intermediary requirements which mean that the names of the recipients of US source investment income are passed to the IRS.
- Following 9/11 the USA introduced the USA PATRIOT Act, which authorises the US authorities to seize the assets of a bank, where it is believed that the bank holds assets for a suspected criminal. Similar measures have been introduced in some other countries.
Other related archives1990s, 9/11, Andorra, Anonymous banking, Bahamas, Banks, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Channel Islands, Corporate haven, Dominica, Gibraltar, Guernsey, Hong Kong, IMF, IRS, Isle of Man, Jersey, Labuan, Liechtenstein, List of finance topics, Malaysia, Montserrat, Nauru, Panama, Private bank, Saint Kitts and Nevis, Seychelles, Singapore, Swiss bank, Swiss banks, Switzerland, Tax haven, Taxation, Turks and Caicos Islands, US income tax, USA PATRIOT Act, access, anonymous banking, bank, evasion, income tax, interest rates, low tax jurisdiction, privacy, regulation, taxation
 Adapted from the Wikipedia article "Regulation of offshore banks", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki |
|
|
|
More material related to Offshore Bank can be found here:
|
|
|
« Back
|
Search the Global Oneness web site |
|
|
|
|
|
|
