"Role of Switzerland, United States of America, United Kingdom and Singapore as major financial centres" [2004] ELECD 131; in Pieth, Mark; Aiolfi, Gemma (eds), "A Comparative Guide to Anti-Money Laundering" (Edward Elgar Publishing, 2004)

Book Title: A Comparative Guide to Anti-Money Laundering

Editor(s): Pieth, Mark; Aiolfi, Gemma

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843766735

Section: Chapter 2

Section Title: Role of Switzerland, United States of America, United Kingdom and Singapore as major financial centres

Number of pages: 17

Extract:

2. Role of Switzerland, United States of
America, United Kingdom and
Singapore as major financial centres
Oxford Analytica Ltd1

I OVERVIEW OF WORLD FINANCIAL MARKETS
World Gross Product in 2000 reached US$31.5 trillion. The USA, with 31
per cent of world output, was the largest economy, while the UK was the
fourth largest with a 4.5 per cent share. Switzerland and Singapore
contributed with 0.7 per cent and 0.3 per cent of world output and the 18th
and 39th largest economies respectively.2
Global investment assets totalled US$66.5 trillion3 in 2000. The consoli-
dated foreign cross-border claims of banks reporting to the BIS, as well as
the local claims in local and foreign currency of their foreign affiliates,
reached US$11.49 trillion, by the end of 2001.4 About 76 per cent of foreign
claims consisted of loans and deposits, and the remaining 24 per cent were
securities (mainly debt). Total financial assets held by institutional investors
in OECD countries exceeded US$36.5 trillion in 1999,5 while wealth
management and private banking assets were estimated in US$26.2 in
2000.6
As of September 2001, the total outstanding value of the world bond
markets exceeded US$30.8 trillion.7 The largest part of the debt market
consists of domestic bonds issued in local currencies. As of March 2002, the
stock of international debt reached US$7.4 trillion, following net issuance of
international debt equal to US$ ...