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A more practical definition of an OFC is a center where the bulk of financial sector activity is offshore on both sides of the balance sheet, (that is the counterparties of the majority of financial institutions liabilities and assets are non-residents), where the transactions are initiated elsewhere, and where the majority of the institutions ...
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]
Modern corporate tax havens, such as Ireland, Singapore, the Netherlands and the U.K., are different from traditional "offshore" financial centres like Bermuda, the Cayman Islands or Jersey. [ 1 ] [ 2 ] Corporate havens offer the ability to reroute untaxed profits from higher-tax jurisdictions back to the haven; [ 3 ] [ 4 ] as long as these ...
Financial and Consumer Services Commission of New Brunswick (FCNB) ; Financial Services Regulatory Authority of Ontario (FSRA) ; British Columbia Financial Services Authority (BCFSA) India: GIFT International Financial Services Centre: International Financial Services Centres Authority (IFSCA) Kazakhstan: Astana International Financial Centre
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).
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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]
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