Island Compliance Risk and the Protocol of Global Finance Governing Evil Money

Kirk Harrison Taitt examines the threat money laundering and terrorist financing pose to Caribbean island nations involved in international financial services, the role of compliance regimes in averting sanctions and the future of these nations at the table of global capital. He addresses and, indeed, positions island nations in a strategic space outside the global clamour, unceasing debate and severe criticism over their bona-fides/qualifications to engage in the trillion-dollar industry of offshore finance, alongside their G20 nemeses. He asserts a high ground (ethical) approach as essential to counteracting potential reputational harm.

Throughout the book, Taitt weaves a governance, risk and compliance (GRC) thread in order to speak directly to practitioners and to demonstrate how a strong GRC paradigm at the jurisdictional and institutional levels could be leveraged for competitive advantage.

Among the key recommendations outlined in his IRIE Mitigation Matrix are: effective regulatory governance of the jurisdiction?s financial system by ensuring conformance with international standards, the deployment of sufficient resources to adequately supervise financial institutions and the promotion of values-based decision-making amongst corporate financial managers and leaders. He also recommends on-going engagement of the wider civil society to ensure present and future generations of the Caribbean island financial centre (IFC) workforce appreciate the value of personal moral excellence in business and its inextricable link to sustainable development of the IFC sector.

Foreword

Preface

Acknowledgement

Island compliance risk

Introduction: Connecting the dots

1. Relieving congestion one tissue at a time





2. Borderless money and high sovereign stakes





3. Unmasking the darkness





4. Ruling the darkness





5. Working a hunch





6. The eyes have it





7. Casing the joint





8. More joint pains





9. Whodunnit and other tales of the bored





10. Island risk exposure (IRIE) mitigation

Kirk Harrison Taitt is a senior GRC practitioner who currently serves as the Head of Compliance in a small financial services firm in Barbados. A founding member and past President of the Barbados Association of Compliance Professionals, Kirk is the architect of several training courses in regulatory compliance for the credit union industry. In addition to professional accreditations with the International Federation of Compliance Associations and the Australian GRC Institute, Kirk holds a BSc. in Management and a Master of Philosophy degree in Governance and Public Policy, both from the University of the West Indies. He is married to Juliana and together they are the parents of three "MusTaitteers."