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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]
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
A report published in Nature in 2017 on the analysis of offshore financial centres called: "Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network", [4] provided a quantitative and scientific approach to the classification of tax havens. [34] [35] [1] [3]
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]
The US Bank Secrecy Act requires U.S. Taxpayers to file a Department of the Treasury Form 90–22.1 Report of Foreign Bank and Financial Accounts (FBAR: Each person or entity (including a bank) subject to the jurisdiction of the United States having an interest in, signature, or other authority over one or more bank, securities, or other ...
[1] 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]
The Financial Service Unit of the Commonwealth of Dominica or (FSU) is the main financial regulatory authority in the Island of Dominica, it is one of the most stringent financial authorities in the Caribbean and is a major participant in the offshore regulatory framework. Dependent on the Ministry of Finance the Financial Service Unit ...
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]