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Jersey – captured by finance
January 31st, 2011
I have often argued that tax havens / secrecy jurisdictions have been subject to regulatory capture. Wikipedia defines this as:
regulatory capture occurs when a state regulatory agency created to act in the public interest instead advances the commercial or special interests that dominate the industry or sector it is charged with regulating. Regulatory capture is a form of government failure, as it can act as an encouragement for large firms to produce negative externalities. The agencies are called Captured Agencies.
The evidence became very clear ina  presentation given last Friday by Jersey Finance to the members...
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