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The Global Financial Centres Index (GFCI) ranks the competitiveness of financial centres based on over 29,000 assessments from an online questionnaire and over 100 indices from organisations such as the World Bank, the Organisation for Economic Co-operation and Development (OECD), and the Economist Intelligence Unit. The first index was ...
Ireland is a top-five conduit OFC, the largest global tax haven, [1] [2] and the third-largest OFC shadow banking centre. [3] 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]
The OECD also created agencies such as the OECD Development Centre (1961), International Energy Agency (IEA, 1974), and Financial Action Task Force on Money Laundering. The aims of the OECD are stated in Article 1 of the Convention [24] as:
These are countries of high financial reputation (i.e. not formally labelled "tax havens" by OECD/EU), but who have "advanced" legal and tax structuring vehicles (and SPVs) that help legally route funds to the 24 tax havens (called Sink OFCs), without incurring tax in the Conduit OFC (or even tax in the source of funds location, where royalty ...
This was known as the passporting of financial services. [4] Referred to as an International Finance Centre, [5] Gibraltar was among 35 jurisdictions identified by the Organisation for Economic Co-operation and Development (OECD) as a tax haven in June 2000. [6] However, the list's disclaimer stated: [7]
The OECD Main Economic Indicators (as well as a related twice-yearly publication called Economic Outlook) inform commentary on economic performance in the mainstream and financial press, including by Reuters, Agence France-Presse, the Wall Street Journal, and Bloomberg.
A financial centre (financial center in American English) or financial hub is a location with a significant concentration of participants in banking asset management, insurance, and financial markets, with venues and supporting services for these activities to take place.
Ireland does not meet the 1998 OECD definition of a tax haven, [3] but no OECD member, including Switzerland, ever met this definition; only Trinidad & Tobago met it in 2017. [4] Similarly, no EU–28 country is amongst the 64 listed in the 2017 EU tax haven blacklist and greylist. [5]