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Esther C. Suss, Oral H. Williams, and Mr. Chandima Mendis

The paper reviews the development of offshore financial activities in the English-speaking Caribbean islands and takes stock of the size and status of these sectors today. In view of the heightened concerns of the international community about money laundering, the costs and risks to countries of having or establishing offshore sectors have risen considerably.

Jihad Alwazir, Mr. Fazurin Jamaludin, Dongyeol Lee, Niamh Sheridan, Ms. Patrizia Tumbarello, Odd Per Brekk, and Mr. Aditya Narain

Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.

Concepcion Verdugo Yepes

This paper assesses countries' compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) international standard during the period 2004 to 2011. We find that overall compliance is low; there is an adverse impact on financial transparency created by the cumulative effects of poor implementation of standards on customer identification; and the current measurements of compliance do not take into account an analysis of ML/FT risk, thereby undermining their credibility and the relevance of some of the policy recommendations taken on their basis. Moreover, we also examine the key role of some cultural, institutional, and financial factors in boosting countries' compliance using econometric analysis.

Vitor Gaspar and Mr. Sean Hagan

In an environment in which growth and employment prospects in many countries remain subdued and a number of high-profile corruption cases have fueled moral outrage, and amid a growing consensus that corruption can seriously undermine a country’s ability to deliver inclusive economic growth in a number of different areas, addressing corruption globally—in both developed and developing countries—has become increasingly urgent. When corruption impairs government functions, it can adversely affect a number of important determinants of economic performance, including macrofinancial stability, investment, human capital accumulation, and total factor productivity. Moreover, when systemic corruption affects virtually all state functions, distrust of government can become so pervasive that it can lead to violence, civil strife, and conflict, with devastating social and economic implications. This Staff Discussion Note focuses on corruption that arises from the abuse of public office for private gain, whether it manifests itself transactionally (for example, a bribe) or through powerful networks between business and government that effectively result in the privatization of public policy. While designing and implementing an anticorruption strategy requires change on many different levels, the IMF's experience in assisting member countries suggests that several elements need to be given priority: transparency, rule of law, and economic reform policies designed to eliminate excessive regulation. Perhaps most important, however, addressing corruption requires building effective institutions, with the clear objective of developing a competent civil service that takes pride in being independent of both private influence and public interference.

International Monetary Fund. External Relations Dept.
Cinq ans après le début de la crise, certains pays se sont relevés, mais d'autres restent en difficulté. Ce numéro de F&D se penche sur le monde d'aujourd'hui : l'avenir de l'économie mondiale s'annonce complexe et contrasté. Dans « La reprise mondiale en perspective », nous apprenons que la plupart des pays émergents semblent s'être sortis des effets de la crise, mais ce n'est pas le cas pour la plupart des pays avancés. L'article « Réparer le système » aborde le ralentissement du rythme des réformes visant à renforcer la réglementation financière. Dans « Politique commerciale : bilan positif ? », Bernard Hoekman, économiste de la Banque mondiale spécialisé dans le commerce international, dresse un état des lieux des tendances protectionnistes. L'article « Témoins innocents de la débâcle » relate comment les pays émergents et à faible revenu ont surmonté la récession mondiale. Dans « Un déséquilibre stable », le financier Mohamed El-Erian se penche sur le risque potentiel que posent les considérables excédents et déficits de paiement. Dans cette édition, nous nous intéressons également à l'évolution des marchés des produits de base, à la progression des technologies vertes, aux mutations de la population active en Asie du Sud, et aux lourdes conséquences du blanchiment de capitaux pour les économies nationales. La rubrique « Paroles d'économistes » dresse le portrait de Laura Tyson, l'ennemie des inégalités, et « L’ABC de l’économie » explique comment les marchés monétaires permettent aux emprunteurs de répondre à leurs besoins de financement à court terme.
International Monetary Fund. External Relations Dept.
Cinco años después de los primeros sacudones de la crisis, algunos países se han recuperado, pero otros aún no han dejado atrás los problemas. F&D examina la actualidad mundial y observa un panorama complejo y desigual para el futuro de la economía mundial. “Tras la pista de la recuperación mundial” muestra que la mayoría de los mercados emergentes parecen haber superado los efectos de la crisis, pero no así la mayor parte de las economías avanzadas. “Arreglar el sistema” describe cómo se ha desacelerado el ritmo de las reformas encaminadas a afianzar la regulación financiera. Bernard Hoekman, economista del Banco Mundial especializado en comercio internacional, hace un balance del incipiente movimiento hacia el proteccionismo en “Política comercial: ¿Hasta ahora, todo bien?”. “Testigos del derrumbe” examina cómo capearon la recesión mundial los países de mercados emergentes y de bajo ingreso. En “Desequilibrio estable”, el financista Mohamed El-Erian evalúa la amenaza potencial que plantean los superávits y déficits de pagos. Este número aborda también lo que está ocurriendo en los mercados de materias primas, el surgimiento de las tecnologías verdes, los cambios en la fuerza laboral de Asia meridional y el perjuicio que el lavado de dinero puede causar a las economías nacionales. En “Gente del mundo de la economía”, F&D traza una semblanza de Laura Tyson y en “Vuelta a lo esencial” explica de qué manera los mercados monetarios permiten a los prestatarios satisfacer las necesidades financieras a corto plazo.
International Monetary Fund. External Relations Dept.
Five years after the first stirrings of the crisis, some countries have recovered, but others are still struggling. F&D looks at the world today and sees a complex and mixed picture for the future of the world economy. In "Tracking the Global Recovery" we learn that most emerging markets seem to have moved on from the effects of the crisis, but most advanced economies have not. "Fixing the System" looks at how the pace of reforms to strengthen financial regulation has now slowed. World Bank trade economist Bernard Hoekman takes stock of incipient moves toward protectionism in "Trade Policy: So Far So Good?". "Bystanders at the Collapse" looks at how emerging markets and low-income countries weathered the global recession. Financier Mohamed El-Erian weighs in on the potential threat posed by large payment surpluses and deficits in "Stable Disequilibrium." Also in the magazine, we explore what's happening in commodities markets, assess the rise of green technologies, take a look at the shifts in South Asia's labor force, and uncover the harm money laundering can inflict on national economies. F&D's People in Economics series profiles Laura Tyson, Minder of the Gaps, and the Back to Basics series explains how money markets provide a way for borrowers to meet short-term financial needs.
International Monetary Fund. External Relations Dept.
Five years after the first stirrings of the crisis, some countries have recovered, but others are still struggling. F&D looks at the world today and sees a complex and mixed picture for the future of the world economy. In "Tracking the Global Recovery" we learn that most emerging markets seem to have moved on from the effects of the crisis, but most advanced economies have not. "Fixing the System" looks at how the pace of reforms to strengthen financial regulation has now slowed. World Bank trade economist Bernard Hoekman takes stock of incipient moves toward protectionism in "Trade Policy: So Far So Good?". "Bystanders at the Collapse" looks at how emerging markets and low-income countries weathered the global recession. Financier Mohamed El-Erian weighs in on the potential threat posed by large payment surpluses and deficits in "Stable Disequilibrium." Also in the magazine, we explore what's happening in commodities markets, assess the rise of green technologies, take a look at the shifts in South Asia's labor force, and uncover the harm money laundering can inflict on national economies. F&D's People in Economics series profiles Laura Tyson, Minder of the Gaps, and the Back to Basics series explains how money markets provide a way for borrowers to meet short-term financial needs.
International Monetary Fund. External Relations Dept.
Five years after the first stirrings of the crisis, some countries have recovered, but others are still struggling. F&D looks at the world today and sees a complex and mixed picture for the future of the world economy. In "Tracking the Global Recovery" we learn that most emerging markets seem to have moved on from the effects of the crisis, but most advanced economies have not. "Fixing the System" looks at how the pace of reforms to strengthen financial regulation has now slowed. World Bank trade economist Bernard Hoekman takes stock of incipient moves toward protectionism in "Trade Policy: So Far So Good?". "Bystanders at the Collapse" looks at how emerging markets and low-income countries weathered the global recession. Financier Mohamed El-Erian weighs in on the potential threat posed by large payment surpluses and deficits in "Stable Disequilibrium." Also in the magazine, we explore what's happening in commodities markets, assess the rise of green technologies, take a look at the shifts in South Asia's labor force, and uncover the harm money laundering can inflict on national economies. F&D's People in Economics series profiles Laura Tyson, Minder of the Gaps, and the Back to Basics series explains how money markets provide a way for borrowers to meet short-term financial needs.
International Monetary Fund. External Relations Dept.
Five years after the first stirrings of the crisis, some countries have recovered, but others are still struggling. F&D looks at the world today and sees a complex and mixed picture for the future of the world economy. In "Tracking the Global Recovery" we learn that most emerging markets seem to have moved on from the effects of the crisis, but most advanced economies have not. "Fixing the System" looks at how the pace of reforms to strengthen financial regulation has now slowed. World Bank trade economist Bernard Hoekman takes stock of incipient moves toward protectionism in "Trade Policy: So Far So Good?". "Bystanders at the Collapse" looks at how emerging markets and low-income countries weathered the global recession. Financier Mohamed El-Erian weighs in on the potential threat posed by large payment surpluses and deficits in "Stable Disequilibrium." Also in the magazine, we explore what's happening in commodities markets, assess the rise of green technologies, take a look at the shifts in South Asia's labor force, and uncover the harm money laundering can inflict on national economies. F&D's People in Economics series profiles Laura Tyson, Minder of the Gaps, and the Back to Basics series explains how money markets provide a way for borrowers to meet short-term financial needs.