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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]
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]
Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high.
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]
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]
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).
It may be referred to as an offshore financial centre, by international institutions such as the International Monetary Fund (IMF). [8] However, in its April 2009 progress report, the OECD listed Gibraltar in the list of jurisdictions which, although committed, had not yet "substantially implemented" the internationally agreed tax standard. [9]
Hungarian Financial Supervisory Authority (2000–2013) Financial Regulator (Ireland) (2003–2010) Lithuanian Securities Commission (1992–2011) Financial Services Board (South Africa) (1990–2018) Financial Services Authority (2001–2013) in the United Kingdom