By Hilton McCann
This ebook was once first released in 2006. it truly is expected that as much as sixty percentage of the world's cash should be situated offshore, the place half all monetary transactions are stated to ensue; despite the fact that, there's a belief that secrecy approximately offshore is inspired to obfuscate tax evasion and funds laundering. McCann presents a close research of the worldwide offshore atmosphere, outlining the level of the data to be had and the way that details should be utilized in assessing the standard of person jurisdictions, in addition to reading even if a few of the perceptions approximately 'offshore' are legitimate. He analyses the continued paintings of the monetary balance discussion board, the monetary motion job strength, the overseas financial Fund, the area financial institution, and the corporation for fiscal Cooperation and improvement. The ebook additionally bargains a few feedback as to what the longer term may well carry for offshore finance.
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Additional info for Offshore Finance
The OECD’s report proceeded to define a ‘tax haven’ and has led to substantial changes in the ‘OVshore’ industry. Meanwhile, in February 2000, in order to identify anti-money laundering weaknesses generally, the FATF published a report entitled ‘Report on Non-Cooperative Countries and Territories’ that focused on (unnamed) countries and territories that were described as ‘uncooperative’ in the war against money laundering. This was to set the scene for what turned out to be a ‘name and shame’ exercise.
33 Luxembourg was popular in the early 1970s with the residents of Germany, France and Belgium because it oVered low rates of tax, 30 31 32 33 R. A. Johns and C. M. Le Marchant, OVshore Britain, ‘The British Isles Finance Centre Since the Abolition of UK Exchange Controls’, May 1993, National Westminster Bank Quarterly Review, p. 54. Mark Hampton, The OVshore Interface, Macmillan Press Ltd, 1996, p. 17. ‘OVshore Finance Centres’, IMF Background Paper, 23 June 2000. R. A. Johns, A Study of Trans-national Economic Development, Tax Havens and OVshore Finance, Frances Pinter (Publishers) Ltd, 1983, p.
Le Marchant, OVshore Britain, ‘The British Isles Finance Centre Since the Abolition of UK Exchange Controls’, May 1993, National Westminster Bank Quarterly Review, p. 54. Mark Hampton, The OVshore Interface, Macmillan Press Ltd, 1996, p. 17. ‘OVshore Finance Centres’, IMF Background Paper, 23 June 2000. R. A. Johns, A Study of Trans-national Economic Development, Tax Havens and OVshore Finance, Frances Pinter (Publishers) Ltd, 1983, p. 5. THE ‘O F F S H O R E ’ ENVIRONMENT 25 banking secrecy and no withholding tax for non-residents.