Public Interest Disclosure in Labuan Offshore Banking: Is Statutory Intervention Necessary?

Such inquiry like the recent Pandora Papers requires further legislative measure in offshore banking. While banking secrecy is legitimate privacy and viable, it has different character to tax evasion and money laundering activities. This article attempts to analyse public interest disclosure, onshore and offshore banking secrecy law from the perspective of statutory and judicial approaches. Statutory and judicial approaches show that banking secrecy is regarded as strict liability offense in onshore banking. The question arises whether public interest disclosure should be allowed as statutory intervention in Labuan offshore in response to a case like Pandora Papers? This research employs doctrinal analysis to unearth and address a necessary legislative measure for further development in descriptive and prescriptive manner. From the findings, it is evident that statutory intervention is deemed required to assist public interest disclosure for further inquiry and the general rule banking secrecy stated in Section 178 of the Labuan Financial and Securities Services Act 2010 (ACT 704) and Section 139 of the Labuan Islamic Financial and Securities Services Act 2010 (ACT 704). In this case, extensive provisions should be addressed in Section 178 of the Labuan Financial and Securities Services Act 2010 and Section 139 of the Labuan Islamic Financial and Securities Services Act 2010 regarding public interest disclosure within Malaysian offshore context that is fundamentally distinctive from the onshore banking. The forthcoming legislative measure is necessary to prevent such further sail in offshore banking.

The end of the great inversion: offshore national banks and the global financial crisis

Here we present a novel analysis of the geographic evolution of international banking since 1980, which addresses still unanswered questions about the role of offshore centers in the global financial crisis, and the post-crisis stability of these centers. We show that post-1980 regulatory shifts prompted a ‘Great Inversion’ of offshore banking, wherein conventional Euromarket activity was partially overshadowed by the growth of European ‘midshore’ center national banks. As a result, offshore jurisdictions (i) were likely more responsible for pre-crisis regulatory failures in a home than host regulator capacity and (ii) internalized far greater domestic fiscal risks than in previous crises.

The Performance of Employees Who Works at Foreign Banks in Indonesia

The purpose of this reserach is to discuss the performance of foreign banking in Indonesia, including the performance of onshore and offshore banking activities, and local security devices. Although the offshore business of foreign banks has been relatively more active over the years than the onshore business, there has been a recent sharp increase in onshore business, and some indication of a more sympathetic attitude to onshore foreign banking by the regulatory authorities. This suggests that it is an appropriate time for surveying the foreign bank performance of Indonesia. Indonesia's banks still achieve the highest margins among their regional peers, maintaining their allure for investors, despite the headwinds and occasional crises they have faced in recent and perhaps upcoming years. Indonesia, the largest economy in Southeast Asia is more attractive compared to its neighbors. This study aims to determine the factors that affect the performance of employees working at foreign banks in Indonesia, this study was conducted in 2017, The research question lies in whether each of those factors has a simultaneous and partial effect on the employees performance or otherwise. Using the quantitative method, the population of this study was 550 respondents employees of foreign banks at the level of staff until the director with N = 1565. The results in this study are servant leadership employee engagement and organizational citizenship behavior greatly affect job performance.

Panama electoral reform to tackle corruption

Subject Electoral reform. Significance In mid-April, Panama’s legislature approved a series of reforms to the country’s electoral code, designed to increase transparency and curb electoral corruption. The reform is a major achievement for President Juan Carlos Varela, who campaigned for the presidency in 2014 on pledges to root out entrenched corruption in the country’s institutions. While this is a positive step, the fallout from recent bribery scandals is a reminder of the need for further action. Impacts Improved electoral transparency may help strengthen Panama’s international image following the Panama Papers scandal. Mossack Fonseca’s involvement in the Odebrecht scandal may lead to further legislation tightening regulations on offshore banking. Should the legislative gender quota be successful, it may encourage the introduction of similar laws elsewhere in Latin America.

Chronic macro-economic and financial imbalances in the world economy: a meta-economic view

Global finance, combining offshore banking and universal banks to drive a broader globalization process, has transformed the modus operandi of the world economy. This requires a new "meta-economic" framework in which short-term portfolio-investment flows are treated as the dominant phenomenon they have become. Organized by global finance, these layered bi-directional flows between center and periphery manage a tension between financial concentration and monetary fragmentation. The resulting imbalances express the asymmetries built into that tension and render the exchange rate a more strategic policy variable than ever.