offshore

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Related to Off-Shore Banking: Universal Banking, International banking

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 ?
The CBB terms as wholesale banks Bahrain's off-shore banking sector that caters to channelling the region's oil money, in particular from neighbouring Saudi Arabia, into investments in the West and in the region.
It seems that these days the US sees targetting terrorists funding as an effective weapon in this war and, at last, real pressure might be exerted on the world's off-shore banking centres to clean up their acts.
A), off-shore Banking subsidiaries in Panama, Cayman and Puerto Rico, as well as an agency in Miami.
From time to time he examines US policy in this regard, and in one highly critical chapter he addresses some of the failings of President Clinton's administration with regard to the sovereign debt of developing nations, off-shore banking transparency and regional trading agreements.
Future reforms are expected to include greater supervision of consolidated financial groups and off-shore banking, increased transparency, and improved access to independent opinions regarding the banks' financial situation.
Fitch has expressed in the past its concern about the sizeable off-shore banking activities of the Guatemalan banks.
Fitch's concern regarding the Costa Rican banking sector relate to its high incidence of state ownership, widespread dollarization, and the presence of a largely unsupervised off-shore banking system.
Fitch also believes that the Costa Rican banking system is weaker than some of the other 'BB' credits due to high incidence of state ownership, widespread dollarization, regulatory and supervisory shortcomings and the presence of an off-shore banking system.
A comprehensive tax reform, further strengthening of bank supervision, especially of off-shore banking activities, and progress on privatization would be viewed favorably by Fitch.
Cyprus's off-shore banking centre has not been identified by the OECD as 'un-cooperative' and requiring special attention, while in a recent report the IMF concluded that supervision was generally effective and thorough.