The Law and Practice of Offshore Banking and Finance

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Many poorer countries, deprived of tax and haemorrhaging capital into secrecy jurisdictions, rely on foreign aid handouts. In identifying the most important providers of international financial secrecy, the Financial Secrecy Index reveals that traditional stereotypes of tax havens are misconceived. Rich OECD member countries and their satellites are the main recipients of or conduits for these illicit flows.

The implications for global power politics are clearly enormous, and help explain why for so many years international efforts to crack down on tax havens and financial secrecy were so ineffective, it is the recipients of these gigantic inflows that set the rules of the game. Yet our analysis also reveals that recently things have genuinely started to improve. The global financial crisis and ensuing economic crisis, combined with recent activism and exposure of these problems by civil society actors and the media, and rising concerns about inequality in many countries, have created a set of political conditions unparalleled in history.

The world's politicians have been forced to take notice of tax havens.

Offshore bank - Wikipedia

For the first time since we first created our index in , we can say that something of a sea change is underway. World leaders are now routinely talking about the scourges of financial secrecy and tax havens, and putting into place new mechanisms to tackle the problem. For the first time the G20 countries have mandated the OECD to put together a new global system of automatic information exchange to help countries find out about the cross-border holdings of their taxpayers and criminals.

This scheme is now being rolled out, with first information due to be exchanged in Yet of course these schemes are full of loopholes and shortcomings: many countries are planning to pay only lip service to them, if that -- and many are actively seeking ways to undermine progress, with the help of a professional infrastructure of secrecy enablers. The edifice of global financial secrecy has been weakened - but it remains fully alive and hugely destructive.

Despite what you may have read in the media, Swiss banking secrecy is far from dead. Without sustained political pressure from millions of people, the momentum could be lost. The only realistic way to address these problems comprehensively is to tackle them at root: by directly confronting offshore secrecy and the global infrastructure that creates it.


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A first step towards this goal is to identify as accurately as possible the jurisdictions that make it their business to provide offshore secrecy. In their efforts to stamp down on cross border interest payments EU governments agreed to the introduction of the Savings Tax Directive in the form of the European Union withholding tax in July A complex measure, it forced EU resident savers depositing money in any country other than the one they are resident in to choose between forfeiting tax at the point of payment, or allowing notification by the offshore banks to tax authorities in their country of residence.

This tax affects any cross border interest payment to an individual resident in the EU. Furthermore, the rate of tax deducted at source will rise in and again in , making disclosure increasingly attractive.


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  • Savers' choice of action is complex; tax authorities are not prevented from enquiring into accounts previously held by savers which were not then disclosed. This action was also encouraged by other important countries such as Australia and the US. This has been reported by most offshore service providers offering services outside of the European Union.

    On 27 May , Switzerland signed an agreement with the EU that will align Swiss bank practices with those of EU countries, and in effect will end the special secrecy that EU-resident clients of Swiss banks had enjoyed in the past.

    1. Political risk diversification

    Under the agreement, both Switzerland and EU countries will automatically exchange information on the financial accounts of each other's residents from It is possible to obtain the full spectrum of financial services from offshore banks, including:. Not every bank provides each service.

    Banks tend to polarise between retail services and private banking services. Retail services tend to be low-cost and undifferentiated, whereas private banking services tend to bring a personalised suite of services to the client. In simple terms, this reflects the inconvenience associated with establishing these accounts, not that these accounts are only for the wealthy. Most all individuals can take advantage of these accounts. Another few hundred billion come from fraud and corruption.

    In the 21st century, regulation of offshore banking is allegedly increasing, although critics maintain it remains largely insufficient. Banks are generally required to maintain capital adequacy in accordance with international standards. They must report at least quarterly to the regulator on the current state of the business.

    Certificate in Offshore Banking Practice

    Since the late s, especially following September 11, , there have been a number of initiatives to increase the transparency of offshore banking, although critics such as the Association for the Taxation of Financial Transactions for the Aid of Citizens ATTAC non-governmental organization NGO maintain that they have been insufficient. A few examples of these are:. It's in the interest of some of the moneyed interests to allow this to occur. It's not an accident; it could have been shut down at any time. If you said the US, the UK, the major G7 banks will not deal with offshore bank centers that don't comply with G7 banks regulations, these banks could not exist.

    Confidentiality & Privacy in Panama

    They only exist because they engage in transactions with standard banks. In the s through the s, it was possible to own your own personal offshore bank; mobster Meyer Lansky had done this to launder his casino money. Changes in offshore banking regulation in the s in the form of " due diligence " a legal construct make offshore bank creation really only possible for medium to large multinational corporations that may be family-owned or -run.


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    From Wikipedia, the free encyclopedia. Part of a series on financial services Banking Types of banks. Funds transfer. Automated teller machine Bank regulation Loan Mobile banking Money creation Bank secrecy Ethical banking Fractional-reserve banking Full-reserve banking Islamic banking Private banking.

    Why Bank Offshore?

    Related topics. Main article: List of offshore financial centres. This section's factual accuracy may be compromised due to out-of-date information. Please update this article to reflect recent events or newly available information. February Banks portal. International Crime and Justice. Cambridge University Press. In Bruinsma, Gerben; Weisburd, David eds. Encyclopedia of Criminology and Criminal Justice. Springer New York.

    The New York Times.


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