These jurisdictions are known as offshore tax havens, to use the more technical jargon,
offshore financial centers (OFCs).
Tax havens are legal and sometimes secret
offshore financial centers that are used by companies to reduce their tax bill by moving their capital out of countries through loopholes in national laws.
She argues that international confiscation standards are inherently irreconcilable with the strong banking confidentiality that serves as the main economic pillar of
offshore financial centers and that the significant of these offshore centers as financial hotspots undermine the effectiveness of confiscation on a global level.
The report indicates that
offshore financial centers have recently been under attack, but have shown 'remarkable' resilience.
Like most
offshore financial centers, the British crown dependency has spent the last three years taking steps to comply with global transparency requirements.
The Government of Costa Rica (GOCR) reports that Costa Rica is primarily used as a bridge to send funds to and from other jurisdictions using, in many cases, companies or banks established in
offshore financial centers.
A good portion of these revenues accrue in
offshore financial centers, where roughly a third of Middle East and African wealth is booked.
The LUBRINCO Group has performed investigation services and consultation services in North & South America, Africa, the Middle East, Central and Eastern Europe, Central and Southern Asia as well as the Caribbean and other
Offshore Financial Centers.
2009), is a comprehensive global guide to tax havens,
offshore financial centers, and tax-advantaged strategies.
A few sources used terms such as
offshore financial centers or financial privacy jurisdictions to refer to jurisdictions with similar characteristics.
11, 2001, terror catastrophe,
offshore financial centers have come under increasing scrutiny from other governments and groups for their perceived roles as tax havens or even money-laundering centers.
At the same time,
offshore financial centers are coming under increasing pressure from US and EU governments to harmonize disclosure regulations and tax legislation.
