Offshoreinitiatives

The continued threat of terrorism combined with a spate of accounting scandals over the past couple of years have added further momentum to the push by financial centres to improve transparency and regulatory standards. A coalition of forces are seeking information exchange for anti-money laundering activities, interdiction of terrorism and the enforcement of taxation. They include the G7 countries, the Organisation for Economic Co-operation and Development (OECD) and the EU. International offshore financial centres, such as the Isle of Man, also have thrown their support behind such i...