FYI: ======================================================== IMF To Erase 'Offshore' Centre Stigma. ======================================================== "The distinction between 'offshore' and 'onshore' financial centers has been dropped by the International Monetary Fund (IMF), in a victory for more than 40 small countries that complained they had been unfairly stigmatized in the fight against financial crime.
The IMF said the distinction 'had been blurred by globalization', which had increased the range of cross-border transactions in many countries, as well as the launch of new financial centers catering to non-residents in countries such as Botswana, Brunei, Dubai and Uruguay. ... The IMF said it would now adopt a more uniform and risk-based approach to financial sector surveillance. It will focus on a small number of jurisdictions - Bermuda, the Cayman Islands, Jersey, Guernsey, the Isle of Man, Panama, Labuan (Malaysia), the Bahamas, and possibly the British Virgin Islands - which account for the large majority of offshore activity. The IMF said the absence of objective criteria for defining an OFC 'makes it difficult to draw the line in a credible manner'. ..." [The Financial Times (UK)/Factiva] -- xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Anthony P. D'Costa Professor of Indian Studies Asia Research Centre Copenhagen Business School Porcelaenshaven 24, 3 DK-2000 Frederiksberg Denmark Email:[EMAIL PROTECTED] Ph: +45 3815 2572 Fax: +45 3815 2500 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
