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Illicit Global Wealth Chains after the financial crisis: micro-states and an unusual suspect

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  • J.C. Sharman

Abstract

Since the financial crisis, various supra-national initiatives have targeted banking and corporate secrecy, the conventional underpinnings of the illicit Global Wealth Chains through which money from tax evasion, corruption and other financial offences are passed across borders. This paper analyses the varying impact of these initiatives on the diverse types of Wealth Chains running through two stereotypical havens, Liechtenstein and the Seychelles, and one G20/OECD (Organisation for Economic Cooperation and Development) member rarely associated with illicit financial flows, Australia. Recent campaigns have had a significant impact on illicit Global Wealth Chains connected to micro-state tax havens, while leaving those to Australia unaffected. Even with reference to the micro-state havens, however, outside regulatory shifts have in some cases changed the flow or form of Wealth Chains by unintentionally creating new opportunities for offshore finance. Evidence is drawn from interviews and fieldwork in all three countries, secretly recorded footage of intermediaries explaining the workings of illicit Wealth Chains, and corporate and property records collected by a private investigator engaged by the author.

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  • J.C. Sharman, 2017. "Illicit Global Wealth Chains after the financial crisis: micro-states and an unusual suspect," Review of International Political Economy, Taylor & Francis Journals, vol. 24(1), pages 30-55, January.
    • Handle: RePEc:taf:rripxx:v:24:y:2017:i:1:p:30-55
    DOI: 10.1080/09692290.2015.1130736
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    References listed on IDEAS

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    1. Kerry Jacobs & Kate Jones, 2009. "Legitimacy and parliamentary oversight in Australia," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 22(1), pages 13-34, January.
    2. Daniel W. Drezner, 2007. "Bringing the Great Powers Back In, from All Politics Is Global: Explaining International Regulatory Regimes," Introductory Chapters, in: All Politics Is Global: Explaining International Regulatory Regimes, Princeton University Press.
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    1. Konovalova, Mayya & Tuck, Penelope & Ormeño Pérez, Rodrigo, 2023. "In search of the owner: Regulating through transparency," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 91(C).
    2. Sharafutdinova,Gulnaz & Lokshin,Michael M., 2020. "Hide and Protect : A Role of Global Financial Secrecy in Shaping Domestic Institutions," Policy Research Working Paper Series 9348, The World Bank.
    3. Rachida Aïssaoui & Frances Fabian, 2022. "Globalization, economic development, and corruption: A cross-lagged contingency perspective," Journal of International Business Policy, Palgrave Macmillan, vol. 5(1), pages 1-28, March.
    4. Maj Grasten & Leonard Seabrooke & Duncan Wigan, 2023. "Legal affordances in global wealth chains: How platform firms use legal and spatial scaling," Environment and Planning A, , vol. 55(4), pages 1062-1079, June.
    5. Richard Bůžek & Christoph Scheuplein, 2022. "The Global Wealth Chains of Private‐Equity‐Run Physician Practices," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 113(4), pages 331-347, September.
    6. Matti Ylönen & Wolfgang Drechsle & Veiko Lember, . "Online incorporation platforms in Estonia and beyond: How administrative spillover effects hamper international taxation," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.

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