ServicesNo.
and
Small
Island
Bank ofFinancial
Valletta Review,
35,
Spring
2007Jurisdictions
FINANCIAL SERVICES AND SMALL
ISLAND JURISDICTIONS
Carmen Saliba*
Abstract. This paper analyses the role of the financial sector in the
economies of small island jurisdictions. The analysis provides an
insight on the contribution of this sector to the gross domestic
product of these jurisdictions and describes the most important
financial services offered to both residents and non-residents. The
information was mostly derived from a survey carried out by the
present author. The paper also attempts to explain why the
financial sector in a number of small island jurisdictions tends to
be relatively large, and what strategic measures need to be adopted
in order to overcome the major constraints faced by this sector. The
paper also discusses international standards and regulations that
are considered by many small jurisdictions as imposing heavy
burdens on them.
Introduction
The international monetary and financial system has witnessed tremendous
change in recent decades. Many small jurisdictions positioned themselves
to exploit the opportunities of globalisation by developing their financial
sectors, in spite of several constraints. Some of these jurisdictions have
also made a name for themselves in global financial services. This type of
economic activity demands specialised personnel, often a scarce commodity
in small island jurisdictions, and requires that the host country keeps pace
with global technological developments in financial services. Small
jurisdictions often compete with larger financial centres on the basis of tax
advantages, which in some instances, has been considered as unfair by a
number of larger countries, notably those forming the Organisation for
Economic Cooperation and Development (OECD).
* Carmen Saliba possesses a Master’s degree in Islands and Small States Studies, from
the University of Malta. She is a Corporate Clients Officer at Bank of Valletta plc. The
views expressed in this paper do not necessarily reflect those of Bank of Valletta plc.
39
Carmen Saliba
This study analyses the role of the financial sector in the economies of
small island jurisdictions. The information is mostly derived from a
survey carried out by the present author.
This paper is organised as follows. The next section gives backround
information on the financial sector in small island jurisdictions, based on
a literature review. The third section will explain the findings derived
from a survey on the financial sector of a number of small jurisdictions.
The concluding section puts forward a few recommendations for financial
sector development in small island jurisdictions.
Background
The Financial Sector in Small Island Jurisdictions
Many small island jurisdictions, many of which are sovereign states,
have a relatively large financial sector and serve as offshore financial
centres, in different parts of the world. Factors influencing the
development of the international financial services industry of the
small jurisdictions often relate to favourable fiscal incentives, better
macroeconomic environment, technological advance, propitious time
zone locations and good telecommunications links (Jeffers-Gooden,
2000: 2).
Substantial income and employment are generated as a result of the
operation of the international financial centres in these small island
jurisdictions. In many of them there has been an increase in well-paid,
high-end employment in the financial services sector. Some of the
beneficial effects on small jurisdictions were only indirectly related to
finance, including the construction sector which experienced an increase
in demand for infrastructure and private development projects (ibid.
2000: 2).
According to Jankee (2006: 98) the effect of the globalisation process on
the financial sector in small states may be seen as not only providing an
opportunity for economic growth through the development of this
particular sector but also as enhancing the general resilience of small
economies in the face of the inherent vulnerabilities that they face.
40
Financial Services and Small Island Jurisdictions
Jankee (2006) further explains how the globalisation of the financial
sector in small states has the potential to contribute to all of these aspects
of resilience. In terms of macroeconomic stability, it has the potential to
smoothen consumption and income through better access to the
international financial markets for saving and insurance. In terms of
microeconomic efficiency, the globalisation of the financial sector would
be expected to enhance the efficiency with which savings are directed to
profitable investment opportunities. In terms of governance, the
globalisation of the financial sector would imply the adoption of
international standards and practices in the area, thereby enhancing the
overall level of governance in the economy with possible spillover effects
into the improvement of corporate governance.
Financial Sector Liberalisation in Small Jurisdictions
Financial sector development involves major opportunities and threats
for small island jurisdictions. Briguglio (2001) notes that liberalisation
of the financial sector would remain incomplete without removal of
exchange controls and capital account liberalisation. According to
Jayaraman (2006: 49-50) this provides “strong incentives for policymakers to adopt and maintain sound macroeconomic policies”. Such
policies ensure capital inflows for long-term investment by supplementing
domestic savings and facilitating transfer of technology and management
skills which are in short supply in small states (Prasad et al., 2003).
Jayaraman (2006) explains that in small jurisdictions, financial markets
are thin and shallow with very few securities, mostly dominated by
government bonds and treasury bills. Furthermore, the players are very
few: two to three foreign-owned banks and a few government-owned
enterprises and the national provident of funds, which have heavily
invested in them. Moreover, although interest rates in many small states
have been freed from government controls and other restrictions on
financial sector institutions, such as the government-directed lending for
priority sectors have been discontinued, interest rates have not really
come down (Jayaraman and Sharma, 2003; Chand, 2002).
Jayaraman (2006) argues that in small states, there tends to be a
relatively large spread between lending and deposit rates, a reality
reflecting market imperfections. These imperfections have been observed
41
Carmen Saliba
to inhibit investment in the private sector, and this adversely affects
economic resilience building.
In spite of these constraints, many small island jurisdictions have
managed to compete in the international arena, even in a liberalised
trade regime. Some small developing states, in fact, have managed to do
much better than larger ones (Ayeni, 2004).
Briguglio and Cordina (2004) argue that small states that have performed
relatively well economically have succeeded in doing so in spite of, and
not because of, their inherent constraints. They attribute this success to
good governance in the small states concerned, involving
acknowledgement and awareness of the disadvantages of small size and
the adoption of policies to minimize or withstand these disadvantages.
Offshore Financial Centres
Jayaraman (1998) and Carse (1998) explain the emergence of Offshore
Financial Centres as one route that small island jurisdictions had to take
to promote economic growth, given that they face serious constraints in
the developing of other economic activity, such as manufacturing and
agriculture. For some islands offshore finance has become a major
economic activity making a significant contribution to GDP, government
revenue, and direct employment (Hampton, 2004: 793). However, in
many small island jurisdictions, offshore financial activity is very fragile,
owing to its susceptibility to the reputation and integrity of the host
jurisdiction (Jayaraman, 1998).
Smallness and insularity may precipitate not-so-respectable operations
(Royle, 2001). Some offshore financial centres, known as tax havens
“unfortunately fell into disrepute, due to what were considered as
harmful practices and illegal activities by the OECD countries”
(Jayaraman, 2006: 44). It has been contended in some quarters that
offshore financial services encourage money laundering; distort
international markets by operating tax havens; and do not encourage
compliance by all taxpayers (OECS, 2002). A deliberate attempt to
‘name and shame’ small tax haven islands ensued (Persaud, 2000). The
blacklist of 15 territories where money laundering was allegedly taking
place published by the Group of Seven (G7) Task Force included 10 island
42
Financial Services and Small Island Jurisdictions
locations. As a result many small island jurisdictions have come under
significant threats from the larger territories (Jeffers-Gooden, 2000: 10).
The Organisation for Economic Cooperation and Development (OECD)
Harmful Tax Initiative posed a major threat to offshore financial centres.
The small offshore centres reacted sharply as 41 of them were initially
targeted and listed as uncooperative unless they agreed to engage in
exchange of information and take a number of other measures demanded
by the OECD. Jeffers-Gooden (2000) argues that the these reports show
the ability of major countries to cripple smaller countries, with prospects
for concerted punitive action against non-cooperating centres. This will
lead to loss of reputation and loss of competitiveness. According to
Hampton (2004: 798) the golden years of offshore finance may be coming
to an end.
Herman (1999:13) contends that ‘criminal profits’ can be effectively
hidden in offshore sanctuaries, and this can be brought back onshore
after obscuring the true identity of its ownership. Since the 9/11 event
of 2001, offshore financial centres came under greater scrutiny for likely
money laundering and possible links to terrorist activities. Aware of the
unsolicited adverse publicity, some of the islands with offshore financial
centres have been trying to change their image, in order to attract
legitimate capital inflows (Jayaraman, 2006).
Jeffers-Gooden (2001) believes that these economies will suffer devastating
losses if the financial sector ceases to operate. He arguess that these
small economies have made or are currently making the transition from
traditional economic activities such as agriculture, into the services
industry and thus they can ill afford to be cut down in the midst of this
transformation. Thus, excessive dependence by small island jurisdictions
on offshore financial centres and projection of small jurisdictions simply
as tax havens might not be viable and sustainable avenues to economic
development.
Some authors argue that such dependence has resulted in too high a
degree of concentration leading to a high degree of risk. An implication
of this argument is that it might be wiser for islands and small states to
attempt to develop well-balanced and diversified economies, and thereby
avoid having too many eggs in one fragile basket (Bowe et al., 1998).
43
Carmen Saliba
International Regulation
Bowe et al. (1998: xv) state that an important aspect of banking and
finance relates to scope and incidence of international regulation. The
Commonwealth Secretariat (2006) reports that between 1995 and 2005,
a number of directives have been issued by the international organisations
which have presented significant compliance costs to developing countries,
especially small states. While many of these reforms are essential for a
robust global financial system, they impose especially onerous burdens
on small island jurisdictions. In some cases they relate more to the
problems and interests of larger countries and tend to be biased against
small countries (Briguglio et al., 2005: 20-22).
There is no doubt that the international community has embarked on a
systematic, concerted and thorough review process of the way in which
many offshore financial centres operate (Antoniou, 2004:1). Small island
jurisdictions that were offshore financial centres felt severely threatened
by unilateral actions, taken by the Financial Stability Forum and
instigated by the major industrial countries that sought to impose
regulations and standards.
Actions to combat money-laundering and financing of terrorism (especially
after 9/11/2001) were also initiated, by the Financial Action Task Force
set up under the auspices of the OECD. While this process is still
problematic in terms of the administrative burdens imposed on small
island jurisdictions,1 significant progress in improving regulatory
processes has been achieved. There has also been improvement in
international representation, including that of small island jurisdictions,
however, OECD control remains strong and the role of small states
remains largely consultative (Briguglio et al., 2005).
The establishment of the International Trade and Investment
Organisation (ITIO) has been a welcome development. It is striving to
improve the voice of small island jurisdictions in the international
system and it deserves wider support. A major problem remains the
1
Springer (2004) highlighted the fact that in Saint Lucia the growth of the offshore
financial services sector has been stymied somewhat by the machinations of the OECD’s
Financial Action Task Force.
44
Financial Services and Small Island Jurisdictions
ability of small island jurisdictions to undertake costly information
exchange obligations; thus Briguglio et al. (2005) recommend that, since
developed countries have a much larger interest in such co-operation,
appropriate incentives should be provided.
An encouraging aspect relates to the fact that there is now less insistence
that tax competition is harmful, and with the establishment of a Global
Forum on Taxation the whole process has become more consultative and
less unilateral (Briguglio et al., 2005). Blacklisting has been downplayed,
although the threat against some centres remains. Issues of exchange of
information and transparency are actively discussed, and small island
jurisdictions have been successful in bringing to the fore the matter over
which they had great concern–discrimination and the need for a levelplaying field.
The Survey
The present author carried out a survey on the financial sector in small
island jurisdictions by means of a questionnaire sent by e-mail to various
financial authorities in many small island jurisdictions during the first
half of 2006. Confidentiality was promised and kept to ensure that the
responses were as much as possible frank and honest.
Sixty nine institutions from small island jurisdictions accepted to
participate in the survey. Respondents included central banks, monetary
authorities, ministries of finance and statistics departments. Of these
48 were located in sovereign and 21 in non-sovereign small jurisdictions.
The list of countries from which respondents originated is presented as
Annex 1. In order to compare some findings the sample of sovereign
jurisdictions was divided into regional groups and hence 39 small states
were grouped under the headings of African, AIMS (Atlantic, Indian
Ocean, Mediterranean and South China Seas)region, Caribbean, and
Pacific region.
The survey attempted to shed light on the factors that led small
jurisdictions to achieve success in the financial sector, and on the
advantages and disadvantages associated with this sector. Hence,
participants were requested to:
45
Carmen Saliba
• indicate the approximate per cent contribution of the financial sector
to GDP in their small jurisdisction;
• identify the most important forms of financial services offered in their
small jurisdiction;
• list the advantages and disadvantages of reliance of financial services;
• highlight the single most important concern that needs to be addressed
in order to expand their financial services sector;
• express their views as to whether or not the OECD Harmful Tax
Initiative is fair or unfair;
• express their views regarding the need and the burdens arising from
international standards and regulations set by international standardsetting organisations.
The survey produced a wealth of information, and the main findings will
be reported here.
Contribution of the Financial Sector to GDP
The survey responses confirm, amongst other things, that the financial
sector has a relatively large presence in the economies of many small
island jurisdictions. The average contribution of the sector, when all the
jurisdictions are considered is about 10 per cent. Viewed by regional
groups, the approximate contribution was 15 per cent for the countries
in the African region, 12 per cent for those in the Caribbean region, 9 per
cent for those in the AIMS (Atlantic, Indian Ocean, Mediterranean and
South China Seas) region and 7 per cent for those in the Pacific region.
It also emerged from the responses that the approximate average per
cent contribution of the financial sector to GDP is about five percentage
points higher in non-sovereign jurisdictions when compared to sovereign
jurisdictions.
Figure 1 shows that in 30 per cent of the countries from which the
respondents originate, the financial sector contributes between 6 and 10
per cent of the country’s GDP. In about 12 per cent of the countries, the
sector contributes more than 25 per cent of GDP.
Separate results for the African, AIMS the Caribbean and Pacific small
states indicate that the highest contribution to GDP occurs in the
Caribbean region as shown in Figure 2.
46
Financial Services and Small Island Jurisdictions
Figure 1
Percentage Contribution of the Financial Sector to
GDP for Participant Jurisdictions
25
20
15
10
5
0
0-5
6 - 10
11 - 15
16 - 25
25 +
Figure 2
Regional Percentage Contribution of the
Financial Sector to GDP
50
40
30
20
10
0
0-5
6 - 10
Africa
11 - 15
Aims
Caribbean
16 - 25
25 +
Pacific
47
Carmen Saliba
Foreign-Ownership
The World Bank (2006) reports that studies show that banking systems
with a high degree of foreign-ownership (more than half of assets owned
by foreigners) tend to be more efficient and resilient to crises than
banking systems which are mostly government-owned. The results of the
present survey reveal that foreign banks are present in almost all
selected jurisdictions. The approximate percentage of control by foreigners
in all respondents’ countries taken together is 47 per cent.
Attractions of Financial Services to Foreigners
According to the responses to the survey questionnaire, the major
attraction of small jurisdictions with regard to financial services seem to
be related to their taxation regimes. This suggests that tax competition
is one of the most important aspects that foreign companies consider
when choosing where to register their companies.
The respondents listed other advantages offered by small island
jurisdictions. Professional service was indicated as a major attraction.
Some of the respondents identified additional attractions in their
particular country, including high level of customer service orientation,
good language skills, geophysical location and a sound legal structure.
Major Constraints
The survey responses indicate that not all is rosy for small jurisdictions
with regard to the financial sector and identified a number of constraints
associated with this sector. First of all there are very high costs of
compliance with international regulations and standards.
In addition, many small jurisdictions have been censured because in view
of their tax regime they maintain their competitive advantage through
zero or very low tax rates. Skills are an integral part of the competitive
mix for the industry. Thus respondents identified the need for quality
and expertise. Recruiting and retaining high calibre and talented
personnel is considered to be a major constraint, as the industry becomes
increasingly globalised and barriers to accessing talent from other
jurisdictions intensify.
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Financial Services and Small Island Jurisdictions
International Standards and Regulations
Global scrutiny on financial centres is both a threat and an opportunity
for small jurisdictions. The threats arise because of the high cost of
compliance to put in place laws and regulations in order to, amongst
other things, combat fraud and criminal activities. The opportunities
arise mostly from the fact that trying to adhere to international demands
for transparency and for acceptable tax regimes lead small jurisdictions
to reform their financial sector. Many small island jurisdictions have
remained successful jurisdictions despite increased international scrutiny.
Almost all respondents agreed that while international standards and
regulations are important, they constitute a heavy and unproportional
compliance cost on small jurisdictions.
Tax advantages have been considered as unfair by a number of larger
countries, notably those forming the Organisation for Economic
Cooperation and Development (OECD). From the survey responses it
emerged that there is a mixed reaction regarding the fairness or otherwise
of the OECD harmful tax initiative. Of those who responded to the
question, 61 per cent considered it to be unfair, and 30 per cent considered
it essential and fair. The remaining 9 per cent believed that this
initiative has both fair and unfair implications.
Overall Results
Overall the survey responses show that:
• financial services are very important sources of income and employment
in the jurisdictions under survey
• the sector is not as concentrated as is usually thought and offers a
variety of services
• the competitive advantage of small jurisdictions does not arise simply
from tax competition, but also relates to professional service, customer
service orientation, good language skills and sound legal structures
• small jurisdictions are not against compliance with international
standards and regulations per se but the burden of such compliance is
relatively very high for them
• there is a mixed reaction by small jurisdictions as regards the fairness
or otherwise of the OECD harmful tax initiative, but the majority
consider it to be unfair.
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Carmen Saliba
The results need to be interpreted with some caution due to a number
of limitations associated with the survey, including the subjectivity of
the responses (see Saliba, 2006). However, the survey findings shed
useful light on the role of the financial sector in small island
jurisdictions, and on the perceptions of financial authorities in the
same jurisdictions.
Conclusions and Implications
The financial services sector has become the blood stream of the economic
machinery of many small island jurisdictions in today’s global economy.
This paper discussed several issues related to the role of the financial
services sector in small island jurisdictions. It has been shown that this
sector presents a number of advantages for small island jurisdictions, but
it also involves difficulties for them.
A number of strategic challenges for small jurisdictions were highlighted.
Overall it can be concluded that the relatively high dependence on
financial services by many small jurisdictions has indeed enabled many
of them to generate substantial income and employment which otherwise
may have not been possible. Some small jurisdictions even dare compete
with London and Frankfurt in attracting funds, and they actually
succeed, mostly through the tax advantages that they offer. Too high a
dependence may usher in dangers associated with the usual risks of
having too many eggs in one basket.
In addition, the constraints imposed by large developed countries on the
freedom of action by small jurisdictions, may eventually lead to the
erosion of tax advantages. It is therefore wise for small jurisdictions to
attempt to diversify their economies.
There is obviously a need for international dialogue to resolve problems
associated with the difference between the more developed offshore
territories and those that are more vulnerable to financial crime. Moreover,
there is the need to develop a specialised network specifically for small
island jurisdictions wherein suspicious activity reports can be used to
spot new methods of laundering money and assemble a picture of a
criminal network.
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Financial Services and Small Island Jurisdictions
With regard to international scrutiny on financial services, it appears
that small island jurisdictions have to bear a very heavy burden, and
while they are best served by well-defined standards, they also face
capacity constraints.
It is well known that small states face the problem of indivisibilities with
regard to overhead costs, and this is true also in the case of regulatory
regimes. For this reason while it is appropriate that the international
community requires that regulatory and monitoring arrangements are
in place in small jurisdictions to ensure compliance with acceptable
standards and codes, it is also appropriate that financial and technical
assistance be extended to small jurisdictions to enable them to overcome
their capacity constraints.
Looking ahead, small island jurisdictions need to strengthen their voice
in international decision making and negotiations so as to ensure that
their concerns are sufficiently considered. The challenges that successful
states have overcome can be a good example for many small island
states which are eager to achieve the benefits of a successful financial
sector.
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ANNEX 1
Jurisdictions Represented in the Survey
Sovereign Jurisdictions
Antigua & Barbuda
Bahamas
Bahrain
Barbados
Belize
Botswana
Cape Verde
Comoros
Cuba
Cyprus
Dominica
Fiji
Gambia
Grenada
Guyana
Iceland
Ireland
Jamaica
Kiribati
Lesotho
Liechtenstein
Luxembourg
Madagascar
Maldives
Malta
Marshall Islands
Mauritius
Micronesia Fed. States of
Namibia
Nauru
Niue
Palau
Papua New Guinea
Qatar
Saint Kitts & Nevis
Saint Lucia
Saint Vincent & The Grenadines
Samoa
Seychelles
Singapore
Solomon Islands
Sri Lanka
Surname
Swaziland
Tonga
Trinidad & Tobago
Tuvalu
Vanuatu
Non-Sovereign Jurisdictions
Anguilla
Aruba
Bermuda
Cayman Islands
Cook Islands
Faroe Islands
French Polynesia
Guam
Guernsey
Hawaii
Isle of Man
54
Jersey
Montserrat
Netherlands Antilles
New Caledonia
Northern Mariana Islands
Okinawa
Saint Helena
Tokelau
Turks & Caicos Islands
Virgin Islands