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
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
, 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