Limited Regulatory Capacity Poses Heightened Risk in the Smaller Offshore Centres. We are looking at the
At paragraph 1.32 of the Report there is an interesting comment on the failure of
Regardless of the scale of activity in their area, regulators must discharge core responsibilities including keeping abreast with developments in international standards and their application in the local context; support for drafting of legislation and maintaining specialist investigative skills to respond to regulatory breaches and to deal with overseas requests for information.
Regulators in key centres of Bermuda, and the Cayman and
The point being made here, and at Table 7 of the Report, is a crucial one. Anguilla is one of the smaller offshore centres, with only 200 persons employed in the industry compared with over 4,000 in Bermuda, 5,400 in Cayman Islands, and 1,500 in each of the BVI and