Book contents
- Frontmatter
- Contents
- List of figures
- List of tables
- Preface
- List of abbreviations
- PART I The past
- 1 Linkages
- 2 The ‘Offshore’ environment
- 3 The service providers and the consumer (1)
- 4 The service providers and the consumer (2)
- 5 The significance of taxation
- 6 A description of regulatory and supervisory processes
- 7 The regulator and the regulatory authority
- 8 Money laundering
- 9 Some international organisations and groupings
- PART II The present
- PART III The future
- Appendix 1
- Appendix 2
- Index
9 - Some international organisations and groupings
from PART I - The past
Published online by Cambridge University Press: 21 August 2009
- Frontmatter
- Contents
- List of figures
- List of tables
- Preface
- List of abbreviations
- PART I The past
- 1 Linkages
- 2 The ‘Offshore’ environment
- 3 The service providers and the consumer (1)
- 4 The service providers and the consumer (2)
- 5 The significance of taxation
- 6 A description of regulatory and supervisory processes
- 7 The regulator and the regulatory authority
- 8 Money laundering
- 9 Some international organisations and groupings
- PART II The present
- PART III The future
- Appendix 1
- Appendix 2
- Index
Summary
Like water finding its own level, entrepreneurial business, when constrained in one place, will emerge in another. When restrictions in one place become too burdensome, too discouraging and perhaps too punitive, the businessman will look elsewhere.
Introduction
This chapter focuses on some of international organisations whose role impinges upon the ‘Offshore’ environment.
Bank for International Settlements
Founded in 1930, the Bank for International Settements (BIS) operates as a bank in that it processes transactions between the national central banks that comprise its membership. In fact, it is the ‘central bankers' bank’. In addition, the BIS operates as a research centre and a discussion forum for members – of whom there were thirty-two until 1997 when nine new members were invited to join by subscribing for shares. As at July 2005, the number of members had increased to fifty-six. The Board of Directors comprises representatives of the G10.
Basel Committee on Banking Supervision
‘The Basel Committee was established after the closure of Franklin National in the United States and the collapse of the Bankhaus Herstatt in Germany, in particular, as a result of heavy foreign currency losses suffered by each.’ In fact, ‘[n]ational bank supervision had until then [the early 1970s] been largely ignored at the Governors' meetings while national supervisory and regulatory authorities considered developments unfolding in international financial markets to be irrelevant’.
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- Offshore Finance , pp. 230 - 258Publisher: Cambridge University PressPrint publication year: 2006