International mechanisms and standards to prevent money laudering and global terrorism financing through offshore jurisdictions under the prism of fiscal efficiency

• Autor(a) principal: Pignatti, Luísa Hoff Portieri
• Data de Publicação: 2020
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10451/44549
• topic: Direito financeiro; Direito fiscal; AML; CFT; Branqueamento de capitais; Financiamento do terrorismo; Centros financeiros offshore; Eficiência fiscal; Teses de mestrado - 2020; Direito Financeiro e Fiscal

In the financial arena, the era of globalization has brought countless advances to the economies, providing growth, job creation and expanding international markets. On the other hand, it has carried out detrimental consequences, such as the internationalization of financial vulnerabilities for organized crime to accomplish their undertakings. Whereas different concerns, money laundering and terrorist financing often explore the same loopholes to perform their activities, either because of the anonymity, obscurity or opacity required for the achievement of their ends. Tax havens play an important role on such times: by offering a no or low levy and a weak regulation environment, they entice a great volume of non-resident financial activities and provide the perfect spot not just to avoid taxation, but as well as take in illegitimate capital flows connected to criminal endeavours. Such financial refuges enable illegal activities to take place by granting the indispensable secrecy and confidentiality to individuals and companies to achieve their unlawful agenda, frequently behind layers of complex business structures. The misappropriation of the financial system to conduit illicit or even licit schedules as to produce money laundering and terrorist funding unavoidably imperils the world society and its welfare. Bearing in mind that engagements of illegitimate capital may harm the trustworthiness, soundness and confidence of the financial institutions as a whole and that money laundering and terrorist financing performances are persistently completed on an international environment, the effort to battle them must be global. On that account, the present study aspires to uncover the linkage between the failures provided by offshore jurisdictions in terms of fiscal efficiency that further allow the upsurge and propagation of such harmful attempts. In order to provide an enrichment of existing international mechanisms and standards, to enhance strategies that consistently deliver transparency, address challenges and track solutions must be accomplished in a joint and worldwide scale.