offshore

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Offshore

Describing an institution, especially a bank, that exists in a foreign country. Colloquially, the term refers to institutions that exist in known tax havens. Individuals and companies use offshore accounts to avoid or evade taxes in their home countries. As a result, some emerging financial centers have objected to being called "offshore," asking for parity with the developed financial world.

offshore

Of or relating to a financial organization whose headquarters lies outside the United States. Although offshore institutions must abide by U.S. regulations for operations carried on within the U.S., other activities generally escape domestic regulation.
References in periodicals archive ?
We are pleased to announce to the launch of ADCB offshore banking products to our commercial clients through our Jersey branch.
While the UAE doesn't generally tax residents' incomes, it doesn't mean people who live in this part of the world won't benefit from offshore banking.
Outside of these measures, says YaE-ar, "international steps against offshore banking -- not just Turkish steps -- haven't been very engaged or successful.
The offshore banking sector is gaining weight in the banking industry and is now a popular choice for people to set up banking businesses.
As well as providing offshore banking needs RBS International also provides products and services to companies who relocate staff.
Other legislation to combat money laundering include the Money Laundering Prevention Guidance Notes; the Financial Intelligence Unit Act, 2002; the Misuse of Drugs Act; The International Financial Services Practitioners Regulations (Code of Conduct), 2001 (IFSCR); Money Laundering Prevention Regulations, 1998 (MLPR); and the Offshore Banking Act, 2000, renamed the International Banking Act, 2002 (IBA).
Other primary industries include aluminum smelting, offshore banking, ship repair and tourism.
The online service, Fsharp, was set up in September 1999, providing offshore banking operations for cash-rich British and Irish ex-pats.
5million to offshore banking companies without the necessary permits.
Old Mutual has set up its own private banking operations by acquiring Fleming Offshore Banking from JP Morgan Chase for pounds 48 million.
Offshore banking also facilitated the frauds involving Daiwa and Barings banks and the Sumitomo trading company in the mid-1990s, which led to jail terms for the employees involved.
The balance of offshore banking assets for the Japan Offshore Market rose 2.