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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]
The definition of an offshore financial centre dates back to academic papers by Dufry & McGiddy (1978), and McCarthy (1979) regarding locations that are: Cities, areas or countries which have made a conscious effort to attract offshore banking business, i.e., non-resident foreign currency denominated business, by allowing relatively free entry ...
In 2015, 11.5 million documents totalling 2.6 terabytes, detailing financial and attorney-client information for more than 214,488 offshore entities, some dating back to the 1970s, that were taken from the Panamanian law firm Mossack Fonseca, were anomalously leaked to German journalist Bastian Obermayer in Süddeutsche Zeitung (SZ). Given the ...
The OECD, who only list one jurisdiction in the world as a tax haven, Trinidad and Tobago, note the scale of corporate tax haven activity. [50] Note that the IMF list of offshore financial centres ("OFC") is often cited as the first list to include the main corporate tax havens and the term OFC and corporate tax haven are often used ...
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The Tax Justice Network ranks the US third in terms of the secrecy and scale of its offshore financial industry, behind Switzerland and Hong Kong but ahead of the Cayman Islands and Luxembourg. [2] The United States has been popular as a destination for offshore funds for Chinese investors, said Canadian financial crimes expert Bill Majcher ...
Plans to restart a pipeline in Santa Barbara County have angered residents worried about an oil spill similar to the massive one near Refugio State Beach in 2015.
A jurisdiction with a substantial proportion of the offshore financial sector but low opacity may earn the same overall ranking as a smaller but more secretive jurisdiction. The rating takes into account not only which countries are the most secretive, but also magnitude (the amount to which a jurisdiction's secrecy is likely to have a ...