RT Article
T1 The hidden trillions: secrecy, corruption, and the offshore interface
JF Crime, law and social change
VO 57
IS 3
SP 325
OP 343
A1 Christensen, John
LA English
YR 2012
UL https://krimdok.uni-tuebingen.de/Record/1854625225
AB This paper considers the role of secrecy jurisdictions in creating a supply-side stimulus for corrupt practices and explores the use of the newly created Financial Secrecy Index as a tool for assessing and ranking such jurisdictions. Secrecy jurisdictions are a prominent feature of international financial markets, providing a combination of low or zero tax rates, lax regulation, weak international judicial cooperation, and—above all—legalised secrecy facilities. Citing the case of Barbados, this paper shows how an environment of legalised secrecy is purposefully created by not requiring disclosure of ownership information for corporations, trusts, foundations and other legal entities; through non-participation or ineffective participation in judicial cooperation and information exchange; and through laws to protect banking secrecy arrangements. Taken in combination these factors make secrecy jurisdictions attractive conduits for illicit cross-border financial flows and the harbouring of dirty money. Using secrecy jurisdictions as platforms for their operations, legal and financial intermediaries create complex and opaque offshore structures to facilitate economic crime and impede investigation. Current international efforts to stem the activities of secrecy jurisdictions are largely ineffective, but civil society is raising pressure for effective action to be taken against offshore secrecy.
NO Literaturverzeichnis: Seite 342-343
K1 Corrupt Practice
K1 Corruption Perception Index
K1 Financial Action Task Force
K1 Financial Intermediary
K1 Money Laundering
DO 10.1007/s10611-011-9347-9