The Impact of International Policy Initiatives Against Money Laundering and Terrorist Financing on the Legislative Systems and Institutions of Offshore Financial Centres in the Caribbean

Abstract

This chapter analyses the measures implemented by The Bahamas, the Cayman Islands, Bermuda and the BVI in response to international policy initiatives introduced by the Financial Action Task Force (FATF) to counter money laundering and terrorist financing. This analysis is conducted for the period 2007 to 2012, which coincides with the timeframe in which each jurisdiction underwent their third mutual evaluation report (MER) conducted by the Caribbean Financial Action Task Force (CFATF). We examine these measures using a comparative analysis approach and observe the trends to determine the impact of the Forty Recommendations on the legal systems and institutions of these four jurisdictions.