Conclusions

All of the above underline the idea that the offshore financial centers can cause risks for the stability of the entire international financial system. The international financial system destabilization risk, caused by the CFO, increases together with the increase of the financial markets and their activities in CFO. The assembly study confirms the thesis according to which the CFO surveillance and control are needed in order to diminish the risks.

The international norms implementation is an important factor in risk reduction. The implementation process of the international norms in CFO is advanced, but applying those norms is not identical in all the centers.

The assessment program of the offshore centers allowed obtaining needed information to identify risks. It is essential for the assessment results to be made public. The information transparency over the CFO activities and the international norms enforcement influences risk reduction connected to the centers and comes to replace CFO surveillance and control. The great

CFO’s are more advanced in the implementation of norms for their function which creates o better opinion over the international markets.

The offshore financial centers analyzes allow us to draw certain detailed conclusions:

It can be underlined that before the launching of the assessment programs of the offshore financial centers, there wasn’t much information on the CFO activities and risks.

The assessment program identifies the risk and the weak points in CFO, but, in general, all the weak points are still hidden.

Assessment at the level of international norm conformation shows that norm obedience is increasing, but differentiated according to the activity forms and country. There are fields in which there is control reinforcement.

1088 Challenges of the Knowledge Society. Finance and Accounting

The strict execution of the new surveillance and control principles eliminate the risks, but the CFO costs increase.

In the future, the tax and exchange restrictions reduction in the international financial systems influence over the loss of the advantages connected to CFO creation and term equalization for the function of the financial markets.

The CFO role in the international financial system and the risk to set the international system is diminished with the progress achieved in uniting the terms, services effectiveness on the international markets and reduction of the differences in the financial centers.

References

^§ Offshore Financial Centres. The Assessment Program – A Progress Report. IMF February 2005.

^§ Y. Simon. Tehniques Financières Internationales. Economica, Paris, 1998.

^§ Daniels J.D., Radebaugh. International Business. Addison – Wesley Publishing Company, New York, Tokyo, Milan, Paris, 1995, 7th edition.

^§ Lutter contre le blanchiment de capitaux. FMI Bulletin. 16 aout 2004.

^§ S.M. Darbar, R.B. Jonston, M.G. Zephirin, - L’evaluation des centres financiers offshore. Finances &

Development September 2003.

^§ FMI Rapport annuel 2002, p. 35.

^§ FMI Rapport annuel 2004, p. 63.

^§ IMF Report February 25, 2005.

Appendix 1:

Date: 2014-12-29; view: 980