## Caribbean offshore Financial Centers: Past, Present, and Possibilities for the Future

_IMF Working Papers, May 1, 2002_

## Source details

**Canonical URL:** [Caribbean offshore Financial Centers: Past, Present, and Possibilities for the Future](https://www.imf.org/en/publications/wp/issues/2016/12/30/caribbean-offshore-financial-centers-past-present-and-possibilities-for-the-future-15811)

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## Bibliographic details
- Authors: Esther C Suss, Oral Williams, Chandima Mendis
- Published: May 1, 2002
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451851175.001

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### Summary
- The paper reviews the development of offshore financial activities in the English-speaking Caribbean islands and takes stock of the size and status of these sectors today.
- In view of the heightened concerns of the international community about money laundering, the costs and risks to countries of having or establishing offshore sectors have risen considerably.

### Major themes and analysis
- Development trajectory
  - Reviews historical development of offshore financial activities in English-speaking Caribbean islands.
- Current size and status
  - Takes stock of the size and status of offshore financial sectors as of the paper's publication.
- Risks and international context
  - Highlights heightened international concerns about money laundering.
  - Concludes that these concerns have materially increased the costs and risks to countries that have or are establishing offshore sectors.

### Subject areas and keywords
- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Economic sectors, Financial sector, Financial services, Money laundering, Offshore financial centers
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), application fee licence, authority, bank, banking industry, Caribbean, Cayman authority, country, development strategies, due diligence, fee, Financial Action Task Force, Financial sector, gaming company, liability company, market leader, money laundering, OFC sector, Offshore financial centers, offshore financial sectors, WP

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/30/caribbean-offshore-financial-centers-past-present-and-possibilities-for-the-future-15811_