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Re-Imagining Offshore FinanceMarket-Dominant Small Jurisdictions in a Globalizing Financial World$
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Christopher M. Bruner

Print publication date: 2017

Print ISBN-13: 9780190466879

Published to Oxford Scholarship Online: December 2016

DOI: 10.1093/acprof:oso/9780190466879.001.0001

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Conclusions

Conclusions

Chapter:
(p.221) 11 Conclusions
Source:
Re-Imagining Offshore Finance
Author(s):

Christopher M. Bruner

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190466879.003.0011

This chapter concludes that the MDSJ concept reflects a coherent category of jurisdictions not comfortably accommodated by extant theoretical frameworks, and that the suite of features associated with MDSJs in fact contributed to their rise to global dominance. The chapter also engages with normative debates about the role of small jurisdictions in cross-border finance, arguing that we should not remain content with inadequate conceptual categories that lack sufficient nuance and facilitate one-sided critiques. Charged labels such as “tax haven” and “offshore financial center” tend to obscure both the value provided by such jurisdictions and the degree to which major economic powers engage in the very practices for which they criticize their smaller competitors. Greater transparency regarding tax information and beneficial ownership of legal entities may well be achieved and represent good policy, but such reforms should be applied even-handedly to small and large jurisdictions alike.

Keywords:   tax information exchange, FATCA, beneficial ownership transparency, money laundering, Delaware, United States, United Kingdom, OECD, capital mobility, regulatory competition

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