Skip to main content
Unpublished Paper
Regulatory Effectiveness in Onshore & Offshore Financial Centers
ExpressO (2012)
  • Andrew P Morriss
  • Clifford C Henson
Abstract

Onshore jurisdictions, such as the United States, United Kingdom, France and Germany, are critical of offshore financial centers (OFCs), such as Bermuda, the Cayman Islands, and the Channel Islands. Arguments against OFCs include claims that their regulatory oversight is lax, allowing fraud and criminal activity. In this article, we present cross-jurisdictional data, showing that OFCs are not lax. We also provide qualitative analyses of regulatory effectiveness, demonstrating that input-based measures of regulation are inappropriate metrics for comparing jurisdictions. Based on both quantitative input measures and a qualitative assessment, we reject the onshore critique of OFCs as bastions of laxity

Keywords
  • offshore financial centers,
  • OFC,
  • finance,
  • regulation
Disciplines
Publication Date
March 3, 2012
Citation Information
Andrew P Morriss and Clifford C Henson. "Regulatory Effectiveness in Onshore & Offshore Financial Centers" ExpressO (2012)
Available at: http://works.bepress.com/andrew_morriss/1/