The offshore life industry has suffered from its association with money-laundering activities and lax legislation. However, a tough approach by the OECD and the Federal Reserve has resulted in a highly regulated industry
The offshore life industry has often been unfairly associated with relaxed legislation and money laundering. The reality is quite different. Offshore centres, which were already under the scrutiny of the OECD and the Federal Reserve, have found their activities receiving even closer attention since 11 September. Underlying the horror of the attacks was the remarkable realisation that the terrorists involved were well funded, and operated a complicated network of financial operations to fund their activities. Of further alarm was the truly global reach of Al Qaeda's assets, and its capab...
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