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An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy." [a] [4]
Qatar Financial Centre Regulatory Authority (QFCRA) United Arab Emirates: Abu Dhabi Global Market: Financial Services Regulatory Authority (FSRA) United Arab Emirates: Dubai International Financial Center: Dubai Financial Services Authority (DFSA)
The example of tax avoidance in the context of international company is partial relocation of assets within the jurisdiction that has lax regulations which is considered to be regulatory haven. Financial regulation avoidance that is considered to be avoidance of compliance with existing financial regulations, mostly in tax havens. [7]
The most popular offshore financial centres are in jurisdictions with a history of political and economic stability. In terms of offshore banking centres and in terms of total deposits, the global market is dominated by the US, Switzerland and the Cayman Islands .
Conduit OFC and sink OFC is an empirical quantitative method of classifying corporate tax havens, offshore financial centres (OFCs) and tax havens. [1] [2] [3] "Uncovering Offshore Financial Centers": CORPNET's map of connections between countries. [4]
Panama has been cited repeatedly in recent years by the State Department of the United States and the International Monetary Fund (IMF) as a jurisdiction which does not cooperate with international tax transparency initiatives due to the legislation which regulates the country's offshore jurisdiction and financial services. [10]
Financial services in Jersey are a highly important part of the economy of the British island of Jersey. Jersey is considered to be an offshore financial centre (OFC) and one of the most economically successful OFCs in the world. [1] Jersey has the preconditions to be a microstate, but it is a self-governing Crown dependency of the UK. [2]
Regional Financial Center (RFC). The IMF noted that RFCs, like IFCs, have developed financial markets and infrastructure and intermediate funds in and out of their region, but in contrast to IFCs, have relatively small domestic economies. Examples cited by the IMF included Hong Kong, Singapore, and Luxembourg. Offshore Financial Center (OFC).