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 ?
This can be seen in Beijing's latest intention to approve the so-called mini-QFII (or mini-Qualified Foreign Institutional Investor) scheme in Hong Kong and the move to allow offshore banks and central banks to invest in the Chinese interbank bond market.
It has said it will upgrade all offshore banks to wholesale bank status over time, but plans to grant some 20 wholesale banking licenses over the next two years.
But the legitimate reasons for offshore banks provide a useful cover.
BANKING AND CREDIT NEWS-January 3, 2018-Commonwealth of Dominica adds offshore bank
Enhanced due diligence procedures for PEPs: Foreign: NO Domestic: YES KYC covered entities: Domestic and offshore banks; venture risk capital; money broker, exchange and transmission services; moneylenders and pawnshops; insurance; real estate; credit unions and building societies; trust and safekeeping services; casinos; motor vehicle dealers; jewelers; international financial service providers; attorneys and notaries public; and accountants and auditors
Offshore banks have representative offices in the UAE, such as HSBC, Lloyds TSB, Barclays and Standard Bank.
It also provides services to foreign banking institutions that do not have a presence in the United States, offshore banks and offshore trust companies.
Global Banking News-February 5, 2013--Taiwan central bank says offshore banks to take yuan deposits(C)2013 ENPublishing - http://www.enpublishing.co.uk
Using offshore banks for privacy and tax avoidance will not work.
FIBG was reportedly the first offshore bank to be licensed and begin operations here and Creft was the chief regulator for offshore banks.
Offshore banks, international business companies (IBCs) and trusts are authorized to operate from within Belize, although shell banks are prohibited within the jurisdiction.
The move is expected to bring back about USD2bn per day from offshore banks.