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Article
Publication date: 1 April 1996

D.J. Williams and K.J. Tilley

Explores the operations of US and Japanese electronics manufacturers in South‐East Asia from two perspectives. Uses views from a small number of company headquarters in…

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1173

Abstract

Explores the operations of US and Japanese electronics manufacturers in South‐East Asia from two perspectives. Uses views from a small number of company headquarters in North America and Japan to build two general strategies for commodity electronics manufacturing in the South‐East Asia region. The result of the US strategy would be to retain core technologies at the home base, while the stated Japanese strategy is to transfer technologies rapidly to offshore sites. Tests these disparate strategies against operational realities in a large study of the manufacturing technology level and R&D capability of electronics manufacturing sites in South‐East Asia. Site observations suggest that there is much commonality between the operational configurations and approaches.

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Integrated Manufacturing Systems, vol. 7 no. 2
Type: Research Article
ISSN: 0957-6061

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Article
Publication date: 24 July 2007

Rose‐Marie Belle Antoine

To illuminate a new field of legal study – offshore financial law, especially the offshore trust and how it impacts on financial crime.

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1162

Abstract

Purpose

To illuminate a new field of legal study – offshore financial law, especially the offshore trust and how it impacts on financial crime.

Design/methodology/approach

Analytical approach to case law and legislation relevant to the topic.

Findings

Offshore financial law and offshore trusts are innovative, dynamic vehicles for trust and tax planning internationally but have to address avenues for financial crime.

Originality/value

Original and pioneering research into a new area of law. Practitioners in finance law, trusts and tax, academics, legal regulators, accountants and other finance practitioners will find it particularly helpful.

Details

Journal of Financial Crime, vol. 14 no. 3
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 5 July 2021

Cornelia Agyenim-Boateng

The study is intended to identify the macroeconomic factors that drive the use of companies registered in tax havens to purchase properties in the UK housing market.

Abstract

Purpose

The study is intended to identify the macroeconomic factors that drive the use of companies registered in tax havens to purchase properties in the UK housing market.

Design/methodology/approach

Adopts an empirical study that uses Cointegration and Vector Autoregressive models to identify the influence or the motivations of using tax havens regime and its relationship with investment volume by analysing impulse responses of innovations to external and domestic factors.

Findings

The model uses monthly data for the period 1996–2019. This provides sufficient evidence that offshore buyers are particularly motivated by exchange values and the quality of governance in host economies.

Research limitations/implications

There is much to be revealed from the spatial distribution of this phenomena and the welfare effect at the micro-level.

Originality/value

To the best of my knowledge there is limited to no empirical study that primarily focus on the use of tax haven as an offshore investment tool in the UK housing market. The study also uses new dataset, Overseas Companies Ownership Dataset in the UK to understand housing ownership patterns by companies that are registered abroad dubbed, offshore buyers.

Details

Journal of Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 27 July 2010

P.E. Morris

The global financial turmoil of 2008 spilled over into the British Isles offshore jurisdictions of Guernsey and the Isle of Man resulting in the collapse of two local…

Abstract

Purpose

The global financial turmoil of 2008 spilled over into the British Isles offshore jurisdictions of Guernsey and the Isle of Man resulting in the collapse of two local subsidiaries of major Icelandic banking groups and consequent depositors' losses. The purpose of this paper is to contrast the sharply differing reactions of the insular authorities and critically evaluate Guernsey's recently enacted deposit protection scheme.

Design/methodology/approach

The paper outlines the nature of the Guernsey jurisdiction, its offshore development and policy issues in deposit protection. Legislation establishing Guernsey's deposit protection scheme is described and critically evaluated.

Findings

Guernsey's scheme is a rushed legislative reaction dominated by finance centre reputational concerns. The legislation is clear and comprehensive but the long‐term robustness of its funding model is unclear.

Originality/value

The analysis contained in this paper highlights the ramifications of international bank instability in small offshore jurisdictions and the regulatory problems this poses. Discussion of the legislative basis of the deposit protection scheme clarifies its nature and limitations as an investor protection technique, which is timely given the status of deposit protection as a key theme in the UK Government's initiated Foot Review of nine offshore jurisdictions.

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Journal of Financial Regulation and Compliance, vol. 18 no. 3
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 20 May 2020

Cillian Doyle and Jim Stewart

Ireland has become one of the main sources of finance for Russian based firms. The purpose of this paper is to quantify and analyse these flows to examine governance and…

Abstract

Purpose

Ireland has become one of the main sources of finance for Russian based firms. The purpose of this paper is to quantify and analyse these flows to examine governance and regulatory issues, in particular the possible effect of sanctions.

Design/methodology/approach

The paper is based on detailed searches of publicly available filings in Company House, Ireland to identify Russian connected conduits. Data was extracted from available accounts and prospectuses for 106 conduits operating in Ireland for some or all of the period 2005-2017.

Findings

The paper shows gross flows from Irish based conduits to Russian firms amounted to €118bn for 2005-2017; flows may be partly explained by round tripping; sanctions have also affected flows; flows are facilitated by close linkages with professional networks both within Ireland, and other offshore financial centres, especially London; The conduits examined have no employees and are mostly owned by a charitable trust or trust. They have become a major part of a largely unregulated shadow banking system.

Originality/value

This paper used searches of publicly available company filings to create a unique database of individual firms. Data on the use of financial centres by individual firms is hard to obtain and the results of this study may be indicative of the use and nature of conduits in other financial centres which form part of the shadow banking sector.

Details

critical perspectives on international business, vol. 17 no. 4
Type: Research Article
ISSN: 1742-2043

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Abstract

Details

Central Bank Policy: Theory and Practice
Type: Book
ISBN: 978-1-78973-751-6

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Article
Publication date: 3 October 2016

Bernd Otto Schlenther

This paper aims to identify the underlying key components of illicit financial flows (IFFs) and highlights the priority areas where government resources should be pooled…

Abstract

Purpose

This paper aims to identify the underlying key components of illicit financial flows (IFFs) and highlights the priority areas where government resources should be pooled under a whole of government approach to mitigate the risks posed by IFFs. These areas are tax avoidance and tax evasion (specifically intra-company profit shifting, investment and profit shifting within the extractive sector, fraud and beneficial ownership), anti-corruption measures, governance and accountability measures, anti-money laundering effectiveness and effectiveness in the detection of falsified customs declarations.

Design/methodology/approach

The concept of IFFs is emerging as an umbrella term for bringing together seemingly disconnected issues. The concept is ill-defined, but there are various identifiable components supporting the term IFF such as capital flight, corruption, money laundering, tax avoidance, tax havens and transfer pricing practices. The author identifies the key areas of concern through a literature review and recommends prioritization of short- to medium-term risk areas and long-term policy imperatives.

Findings

In the short- to medium-term, an effective “whole-of-government” approach should be based on uniform risk identification and prioritization between mandated government agencies and in the long run, it should be focused on building responsive and effective institutions through a process of good governance and effective taxation.

Originality/value

A large body of literature deals with “IFFs” and the “whole-of-government approach” as separate concepts. This paper draws on the existing literature and identifies priority areas for addressing IFFs, and, for these to be successful, they are entirely dependent on a whole-of-government approach – both in the short and long run.

Details

Journal of Financial Crime, vol. 23 no. 4
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 9 May 2008

Harry McVea

The purpose of this paper is to assess the role of hedge fund administrators, particularly in relation to valuing complex and/or illiquid financial instruments.

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682

Abstract

Purpose

The purpose of this paper is to assess the role of hedge fund administrators, particularly in relation to valuing complex and/or illiquid financial instruments.

Design/methodology/approach

The paper proceeds by way of an analysis of key trends and developments within the hedge fund administration industry in relation to the regulatory challenges posed by complex and/or illiquid instruments.

Findings

The paper argues that, because of inherent problems over the attribution of value to complex and/or illiquid assets, emphasis on independent valuation by administrators is largely misplaced. Recent events concerning valuation difficulties in the subprime mortgage market illustrate these very concerns.

Originality/value

The paper questions the ability of independent hedge fund administrators to provide reliable valuations for complex and/or illiquid instruments. Independent valuation of such assets suggests a level of scrutiny that is in fact not present. Moreover, the financial market meltdown surrounding the collapse of the subprime mortgage market provides a timely and salutary reminder that independent valuations of complex and/or illiquid instruments are inherently unreliable.

Details

Journal of Financial Regulation and Compliance, vol. 16 no. 2
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 17 October 2008

Bala Shanmugam and Haemala Thanasegaran

The aim of this paper is to highlight the importance of countering the dangers posed by money laundering activities and the measures taken to date by the Malaysian…

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5512

Abstract

Purpose

The aim of this paper is to highlight the importance of countering the dangers posed by money laundering activities and the measures taken to date by the Malaysian authorities in this respect.

Design/methodology/approach

The paper achieves this by looking at the current money laundering trends in Malaysia, followed by a detailed account of the initiatives taken by the Malaysian authorities to curb such activities. These proactive initiatives range from the enactment and implementation of the Anti‐Money Laundering (AML) Act 2001, the establishment of the Financial Intelligence Unit of the Central Bank of Malaysia and the Southeast Asia Regional Centre for Counter‐Terrorism which work with international enforcement agencies, to the requirement of suspicious transaction reporting amongst professional accountants and lawyers and more.

Findings

Malaysia continues to make a broad and sustained effort to combat money laundering and terrorist financing flows within its borders.

Practical implications

The practical implication of this paper is to stress the importance of keeping abreast with the increased challenges posed by money laundering, especially via the internet and the vital need for the banking and financial sector to invest heavily in transaction monitoring devices/software and training in AML detection, in order to tackle the menace.

Originality/value

This paper makes for a useful read for practitioners, academics, policymakers and students alike.

Details

Journal of Money Laundering Control, vol. 11 no. 4
Type: Research Article
ISSN: 1368-5201

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Expert briefing
Publication date: 15 March 2021

A BP project will deliver a temporary production boost when it comes onstream later this year, but Angola needs other foreign energy companies to sanction new greenfield…

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