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1 – 10 of 814William Kattan, Wendy King and Marcelo Ramella
The purpose of this paper is to describe the experience of a financial services regulator, the Bermuda Monetary Authority (BMA), in identifying and dealing with conflicts of…
Abstract
Purpose
The purpose of this paper is to describe the experience of a financial services regulator, the Bermuda Monetary Authority (BMA), in identifying and dealing with conflicts of interest in innovative financial markets and involving sophisticated counterparties.
Design/methodology/approach
The paper draws on Bermuda legislation and regulations in force, on corporate records, produced by the BMA, documenting its structure, policies, and procedures in place to identify and manage conflicts of interest, as well as on observation of current corporate practices in this respect. In addition, background and contextual information on Bermuda reinsurance market relies on secondary sources describing and analyzing it.
Findings
The paper argues that the BMA has approached the issue of identification and treatment of conflicts of interest within a highly innovative environment involving sophisticated counterparties through two key strategies. First, it has concentrated its regulatory and supervisory efforts and resources at the “entry” stage of the process (e.g. licensing of financial entities). Second, the BMA has drawn on its knowledge of, and partnership with, the close‐knitted network of financial services stakeholders operating in Bermuda.
Originality/value
This paper is of value to those wishing to explore and better understand conflicts of interest involving sophisticated financial counterparties, and the role of the regulator in identifying and managing them, especially within the dynamics of innovative markets.
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Bermuda consits of 7 islands linked by bridges and measures 35 km in length. The widest point is about 3 km across. It is 54 square km in area. Bermuda is 965 km east of America's…
Abstract
Bermuda consits of 7 islands linked by bridges and measures 35 km in length. The widest point is about 3 km across. It is 54 square km in area. Bermuda is 965 km east of America's East Coast, for that reason it is one of the world's northernmost Coral Island Group, but 10 degrees warmer than other regions on the same latitude, thanks to the Gulf stream.
The reversal of same-sex marriage legislation.
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DOI: 10.1108/OXAN-DB230139
ISSN: 2633-304X
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Geographic
Topical
There are several small territories in the Caribbean that have not yet gained their independence and remain under the control of a metropolitan power. These include the…
Abstract
There are several small territories in the Caribbean that have not yet gained their independence and remain under the control of a metropolitan power. These include the territories governed by the United Kingdom (UK) and the Netherlands. This chapter analyses the way in which education policy and reform are enacted in these quite unusual circumstances – with pressures and influences both from the territories and their respective metropoles. The chapter is constructed around two interlinked parts. The first considers the broader political and economic relationships that exist, and the place that education has within them. Both the UK and the Netherlands use language, such as, “partnership,” “prosperity,” and “renewal” to describe their approach to the territories, including in relation to the education sector. However, both governments have used different mechanisms to facilitate change – the British have a slightly more detached approach, while the Dutch are more hands-on. This has important implications for the way in which education is managed in their territories and the consequences that result – and these issues are explored further in the second part of the chapter. By focusing particularly on the Dutch BES (Bonaire, Saint Eustatius, and Saba) islands and Bermuda (a UK Overseas Territory), the chapter traces the contours of recent education reforms, and evaluates the advantages and disadvantages of the particular approaches taken. The more flexible approach of the UK is perhaps preferable, but here too concerns are raised about neocolonialism and the lack of sensitivity when it comes to local norms and practices.
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This article critically analyses the extent to which selected Public-Private Partnerships (PPPs) transportation projects in the Caribbean subregion embrace good practices and how…
Abstract
Purpose
This article critically analyses the extent to which selected Public-Private Partnerships (PPPs) transportation projects in the Caribbean subregion embrace good practices and how they benefit the public sector.
Design/methodology/approach
The article begins with the general rationale of PPPs, leading to a discussion on the specific challenges of the Caribbean subregion and an assessment of certain critical projects. The sample cases include the L F Wade International Airport in Bermuda, the cruise berthing and cargo port redevelopment project in the Cayman Islands, and the Sanger International Airport in Jamaica. There are five aspects to the critical assessment: (a) an evaluation of the type of PPP arrangement used; (b) the legal/policy framework; (c) financial implications; (d) accountability; and (e) miscellaneous data. Desk-based research is conducted as supported by both international and local sources to convey a uniquely local perspective in this under-researched area of scholarship.
Findings
PPP frameworks in the Caribbean are improving quickly but remain a work in progress. Jamaica leads the region. Bermuda trails behind. Problems of legal compliance with frameworks and limited market engagement persist, leading to risk management problems.
Originality/value
This article fills a literature gap on critical analysis of individual Caribbean PPP transportation projects. Previous reports, mostly by international organisations, cover regional or sectorial trends. Other sources take a descriptive but not critical approach.
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Deals with the subject of US companies which relocate offshore to take advantage of the tax differentials between countries following globalisation. Focuses on Stanley Works, an…
Abstract
Deals with the subject of US companies which relocate offshore to take advantage of the tax differentials between countries following globalisation. Focuses on Stanley Works, an established Connecticut manufacturer which in February 2002 announced that it would relocate its legal domicile to Bermuda in order to increase cash flow and decrease tax payments. Describes the strong negative reactions in the USA to this intended reincorporation abroad ‐ from unions, shareholders, the press, the US Treasury, politicians and commentators. Relates this storm of protest to the atmosphere in the US after the financial scandals and terrorist attacks of the early 21st century; although other companies had reincorporated outside the USA before Stanley Works, which eventually withdrew its reincorporation plan, none has since.
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Abstract
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To examine if recent changes to the law and practice of certain offshore financial centres (OFCs) means that some OFCs now have more stringent anti‐money laundering measures in…
Abstract
Purpose
To examine if recent changes to the law and practice of certain offshore financial centres (OFCs) means that some OFCs now have more stringent anti‐money laundering measures in place compared to their “onshore” counterparts. To further explore the allegation by some that there is a dual standard in terms of the pressure applied to OFCs on the one hand and “onshore” jurisdictions on the other.
Design/methodology/approach
The analysis will focus on the Crown Dependencies and the British Overseas Territories of Bermuda and the Cayman Islands. The “onshore” jurisdictions include the UK, the USA and Australia. Comparison of the implementation of the FATF 40 Recommendations (using the most recent IMF Assessments), trust and company services legislation, and the “Know Your Customer” requirements.
Findings
The results show that the Crown Dependencies and the selected Overseas Territories are not only keeping up with the USA, the UK and Australia but in many cases “outdoing” the AML/CFT regimes of these onshore jurisdictions.
Research limitations/implications
Comparison limited to only certain OFCs and “onshore” jurisdictions. There is a two year difference between the IMF assessments for the OFCs and for the onshore jurisdictions. Future research would include the results of the second phase of the OFC Assessment Program and IMF assessments due in the next few years.
Originality/value
This paper examines a very topical area of financial crime based on the most recent data available.
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The payment of taxes is both a crucial corporate contribution to society and essential to good governance; but it is an under‐researched aspect of corporate social responsibility…
Abstract
Purpose
The payment of taxes is both a crucial corporate contribution to society and essential to good governance; but it is an under‐researched aspect of corporate social responsibility (CSR). Hence this paper first seeks to examine whether companies that engage in tax avoidance through locating their headquarters in tax havens – or Offshore Finance Centres (OFCs) – make any claims to act socially responsibly. If so, the paper, second, aims to investigate how being based in an OFC impacts on the firm's commitment to key organisational stakeholders.
Design/methodology/approach
In the light of the sensitivity of the issue, the research questions are studied through an analysis of the content of codes of conduct that have been adopted by a sample of firms based in OFCs. The results are compared with a sample of US firms.
Findings
OFC‐based firms do indeed make claims that they engage in responsible business practices. However, the commitments by OFC‐based companies vis‐à‐vis key stakeholders fall in almost all cases short of those made by the sample of US firms.
Originality/value
With regard to CSR theory, the paper shows how organisational legitimacy is the result of a complex interaction between strategic legitimacy efforts by OFC‐based companies and isomorphic processes in the wider social system. In terms of CSR practice, the paper argues that claims to acting socially responsibly by firms that do not even fully meet their economic responsibilities to society may, in the longer term, undermine the very idea of CSR.
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The impact of anti-money laundering legislation.