Global financial business and the implications for effective control of money laundering in offshore centres

Abstract

Discusses the effect of globalisation of financial markets, especially the effects of international initiatives to improved financial probity and stability in offshore centres, with Jersey as the specific example. Argues that the effect on offshore centres is always positive, and that globalisation in effect makes all financial markets offshore to each other. Focuses on the use of offshore financial centres like Jersey, London, Switzerland and New York by corrupt and powerful public figures to launder stolen money, and briefly suggests how the defences that the international system has to deal with this can be enhanced; no single jurisdiction can hope to manage such situations.

Citation

Pratt, R. (2002), "Global financial business and the implications for effective control of money laundering in offshore centres", Journal of Financial Crime, Vol. 10 No. 2, pp. 130-132. https://doi.org/10.1108/13590790310808682