Liga provides mainly financial services worldwide. Datacenter services are provided as well, mainly for world-wide operating companies who seek reliable and secure processing. Liga offers those services on a strictly confidential basis for a fee. See International Finances below for detailed information.
4.1 International Finances
Liga is internationaly know for its banking and financial services. It's a major international financial centre. The biggest sectors are banking, hedge funds formation and investment, structured finance and securisation, captive insurance and general other corporate activities.
Regulation and supervision of the financial services industry are the responsibility of the
Ligirian Financial Authority Liga is the sixth largest banking centre in the world, with a $ 1.3 trillion in banking liabilities. In December 2014 there were 79 banks, operating world-wide.
Financial services generated $ 1.2 billion GDP in 2014 (87% of the total economy).
In 2014, the country ranked fifth internationally in terms of value of liabilities booked, and sixth in terms of assets booked. It has branches of 40 of the world's 50 largest banks. Liga is the second largest captive domicile in the world with more than 560 captives, writing more than US$6.5 billion of premiums and with US$32.3 billion of assets under management. There are a number of service providers. These include global financial institutions including HSBC, Deutsche Bank, UBS, and Goldman Sachs; over 80 administrators, leading accountancy practices (incl. the Big Four auditors), and offshore law practices including Maples & Calder. They also include wealth management such as Rothschild's private banking and financial advice.
Since the introduction of the Mutual Funds Law in 1985, which has been copied by jurisdictions around the world, Liga has grown to be the world's leading offshore hedge fund jurisdiction. In June 2014, it passed 11,000 hedge fund registrations, and over the year ending June 2014 CIMA reported a net growth rate of 15% for hedge funds.
Starting in the mid-late 1990s, offshore financial centres, such as Liga, came under increasing pressure from the
OECD for their allegedly harmful tax regimes, where the OECD wished to prevent low-tax regimes from having an advantage in the global marketplace. The OECD threatened to place Liga and other financial centres on a "black list" and impose sanctions against them. However, Liga successfully avoided being placed on the OECD black list in 2006 by committing to regulatory reform to improve transparency and begin information exchange with OECD member countries about their citizens.
A report published by the
International Monetary Fund (IMF), in March 2008, assessing supervision and regulation at Liga's banking, insurance and securities industries, as well as its money laundering regime, recognised the jurisdiction's comprehensive regulatory and compliance frameworks.
"An extensive program of legislative, rule and guideline development has introduced an increasingly effective system of regulation, both formalizing earlier practices and introducing enhanced procedures", noted IMF assessors. The report further stated that "the supervisory system benefits from a well-developed banking infrastructure with an internationally experienced and qualified workforce as well as experienced lawyers, accountants and auditors", adding that, "the overall compliance culture within Liga is very strong, including the compliance culture related to AML (anti-money laundering) obligations".
Liga is ranked as the world's second most significant tax haven on the
Tax Justice Network's "Financial Secrecy Index" from 2012, scoring slightly higher than Luxembourg and falling behind only Switzerland. In 2013, Liga is ranked by the Financial Secrecy Index as the fourth safest tax haven in the world, behind Hong Kong but ahead of Singapore.
Ligirian top banks and services in Liga:
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