Foreword | p. vii |
List of Abbreviations | p. viii |
Summary | p. xi |
Introduction | p. 1 |
Rationale for the study | p. 1 |
Design and methodology of the project | p. 3 |
Structure of this report | p. 6 |
The Barbados International Business and Financial Services Sector | p. 9 |
Origins and development of the IFS sector in Barbados | p. 9 |
The Importance of the IFS sector in Barbados | p. 12 |
Regulation of the Barbados International Business and Financial Services Sector | p. 21 |
Regulation and supervision of the IFS sector pre-1998 | p. 21 |
Emergence and evolution of the post-1998 regulatory regime for IFS | p. 22 |
Incremental Costs and Benefits of Enhancing the IFS Regulatory Regime in Barbados | p. 29 |
Incremental costs of adopting new international regulatory standards | p. 29 |
Incremental benefits of enhanced IFS regulation and supervision | p. 32 |
Overall assessment of net benefits accruing from the adoption of new international regulatory standards and strengthening the regulatory regime | p. 35 |
Overall Conclusions for Barbados | p. 39 |
Development of the IFS Industry in Mauritius | p. 41 |
Inception and early regulation of the IFS industry | p. 41 |
Development of the Mauritian IFS industry during 1992-98 | p. 43 |
Post-1998 developments affecting the Mauritian IFS industry and its regulation | p. 46 |
Importance of the IFS Industry in the Mauritian Economy | p. 53 |
Introduction | p. 53 |
The financial services sector | p. 55 |
Regulation and Supervision of the IFS Industry in Mauritius | p. 59 |
The pre-2001 regulatory framework | p. 59 |
The post-2001 regulatory framework for the IFS industry | p. 64 |
Incremental Costs and Benefits of Enhancing the IFS Regulatory Regime in Mauritius | p. 69 |
The quantifiable incremental costs of new AML/CFT regulation | p. 69 |
Qualitative assessment of costs and benefits | p. 76 |
Overall conclusions from the analysis of survey findings | p. 93 |
The International Financial Services Sector in Vanuatu | p. 127 |
Introduction | p. 127 |
Origins and developments of the IFS sector in Vanuatu | p. 127 |
The importance of IFS to the Vanuatu economy | p. 132 |
Regulation and Supervision in Vanuatu | p. 141 |
Structure of IFS regulation and supervision | p. 141 |
Emergence/evolution of the post-2000 regulatory regime for IFS | p. 143 |
Incremental Costs and Benefits of Enhancing the IFS Regulatory Regime in Vanuatu | p. 145 |
Incremental costs of adopting new international regulatory standards | p. 145 |
Incremental benefits of enhanced IFS regulation and supervision | p. 151 |
Overall assessment of net benefits accruing to Vanuatu from adoption of new international regulatory standards and strengthened regulatory regime | p. 152 |
Conclusions and future implications of current international regulatory initiatives for Vanuatu | p. 153 |
Case Study Synthesis, Conclusions and Future Directions | p. 161 |
Costs and benefits to the public sector in Barbados, Mauritius and Vanuatu | p. 161 |
Costs and benefits to the private sector in Barbados, Mauritius and Vanuatu | p. 166 |
General implications for the international financial centres | p. 172 |
Conclusions and future directions | p. 177 |
References and Bibliography | p. 181 |
Annex | p. 187 |
Index | p. 191 |
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