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| | Canadian Direct Investment in ‘Offshore Financial Centers’ |
 | | Investment in other financial services was up, accounting for one-tenth of financial sector assets in 2003 compared to less than 2% in 1990. | | | OFCs were far ahead of the United States and the rest of the world, which had respectively $22 billion and $8 billion in banking assets. | | | One-third of Canadian financial sector assets were in the United States in 2003, representing $57 billion. |
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http://www.statcan.ca/english/research/11-621-MIE/11-621-MIE2005021.htm
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| | IPD's Capacity Building and Journalism Program; Economic Journalism Training |
| | Offshore financial centers, which have become synonymous with banking secrecy and tax evasion, were highlighted as a particular problem by FATF. | | | Offshore Financial Center/Tax Haven: Generally, a small country which has passed business-friendly laws designed to attract large amounts of foreign capital, largely on the basis of offering bank secrecy, protection from creditors and low or no taxes. | | | For example, offshore financial centers would refuse all requests for judicial assistance from foreign governments if those requests in any way involved an investigation into tax evasion, which was not recognized as an offense in offshore centers and, therefore, did not meet the legal standard of dual criminality, i.e. |
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http://www.gsb.columbia.edu/ipd/j_money.html
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| | Offshore Financial Centers -- The Role of the IMF |
| | In the area of statistics, the BIS collects data from selected offshore financial centers which are included in the coverage of the BIS' international banking statistics; efforts have been made to improve the quality and timeliness of these data for use in balance of payments compilation and in the assessment of external vulnerability. | | | Offshore finance can be defined as the provision of financial services by banks and other agents to non-residents, including the bank intermediation role of taking deposits from non-residents and lending to non-residents. | | | Under the principle of consolidated supervision the parent financial institution and parent supervisory authority must be in a position to monitor risk exposure, including reputation risk, of the banks or banking groups for which they are responsible, on the basis of the totality of their business wherever conducted. |
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http://www.imf.org/external/np/mae/oshore/2000/eng/role.htm
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| | Offshore financial centers affect cross-border capital flow in China |
| | Yet the tax exemption treatment offered by the offshore financial centers allows an enterprise to achieve the goal at low cost. | | | By registering an offshore subsidiary company, an enterprise may strip its non-performing assets off to the offshore company thanks to the limited liability relationship between the parent company and the daughter company and the loose requirements set by the offshore financial centers on the quality of assets of offshore companies. | | | Caribbean offshore financial centers like British Virgin Islands, Western Samoa and Bermuda and Cayman Islands act as "transit depot" for capital that flees Mainland China and then flows back, and that is an open secret in the international financial circles. |
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http://en-1.ce.cn/Insight/t20040607_1016937.shtml
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| | OFFSHORE BANKING, OFFSHORE CREDIT CARDS, OFFSHORE FINANCIAL CENTERS |
| | The bank's array of financial services is its most important method of gaining customers and deposits, as well as being a source of lucrative fees. | | | Because running one's own bank dramatically demonstrates the benefits of offshore financial operations, it is the first case study of what can be accomplished once the investor breads free of domestic confines. | | | One's good reputation and financial strength will be associated with the bank's name, which will be difficult to change once business has commenced, both legally and in the minds of clients and correspondents. |
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http://www.taxhavenco.com/osm/cp41.html
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| | Offshore Financial Centers -- The Assessment Program: An Information Note |
| | In summary, of the 44 jurisdictions with international financial centers with which the staff has been in contact since the start of the program, 17 have had Module 2 or FSAP assessments; 18, including the most significant, are scheduled to have such assessments in 2002; and seven have agreed to assessments in 2003. | | | Offshore Financial Centers -- The Role of the IMF | | | Assessment of the supervision of the insurance and securities sectors has been less frequent, or has been confined to a subset of the relevant criteria, since these sectors tend to be small and of lesser macroeconomic significance in the small jurisdictions which have mainly been assessed so far this year. |
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http://www.imf.org/external/np/mae/oshore/2002/eng/082902.htm
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| | GLOSSARY. Anonymous Offshore Company Formation & Services. |
| | Commonwealth activities are diverse: e.g., they include observing elections, public health issues, international trade and law, etc. Most Offshore Financial Centers in the world belong to the Commonwealth, e.g. | | | These are comparatively small fixed renewal fees a typical offshore company, especially an IBC pays annually to the authorities of the jurisdiction of incorporation/formation and to the Registered Agent. | | | The natural persons or legal entities holding bearer shares are considered to be the shareholders; there is no official record of ownership kept by the company that issued the shares or by authorities. |
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http://www.growthstock.net/glossary.htm
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| | Asset Protection Corp: Caribbean tax havens |
| | With such a wide choice of offshore financial centers available world-wide, the uncomfortable demonstration that Britains dependencies had no choice but to knuckle under to the FCO havent helped them. | | | The OECD is pressing for harmonized onshore and offshore regimes; and to cap it all, a majority of the offshore financial centers are dependent territories of Britain, and have been forced to adopt the EU Savings Tax Directive. | | | Second, the attacks by the United States, the FATF and other bodies on money laundering and terrorist financing have forced the offshore financial centers to shun many of their traditional clientele. |
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http://www.assetprotectioncorp.com/taxhavens.html
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| | Review Fatigue in the Turks and Caicos Islands - Where, When, How Tourist Guide |
| | The FSF's working group on offshore financial centers completed its work in March 2000, releasing a report that concluded many jurisdictions were either unable or unwilling to follow internationally accepted standards for supervision, cooperation and information sharing. | | | The IMF says it hopes the role it will play with offshore centers, in close collaboration with other organizations, will be seen in the context of its responsibility to help all members countries identify and reduce vulnerabilities stemming from weaknesses in their financial systems. | | | The FSF said these jurisdictions represented a potential threat to global financial stability and were hindering efforts towards raising global standards of financial soundness and transparency. |
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http://www.wherewhenhow.com/Offshore/ReviewFatigue.html
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| | Greenwood Publishing Group I1 |
| | By focusing the investigation upon the role of the accounting firms in offshore financial centers, the authors gain a better grasp of the real or potential impacts of the firms in the global economy and in the jurisdictions that host them. | | | The new global climate of free enterprise has brought with it a proliferation of offshore financial centers that presumably have important roles to play in the emergent global economy. | | | Not only do the authors provide a detailed assessment of what the major accounting firms are actually doing in the centers, but they point out what attributes are needed by jurisdictions hoping to succeed as offshore financial centers. |
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http://info.greenwood.com/books/1567203/1567203108.html
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| | Offshore finance - The Washington Times: Commentary |
| | The next time you hear some politician bashing a company or individual who utilizes an offshore financial center, realize the politician is either ignorant of the economic facts or doesn't care if there are fewer jobs and more people in poverty throughout the world. | | | It is true Cayman is the world's largest offshore financial center, and the world's fifth-biggest financial center, even though it is in the middle of the Caribbean on a small, pleasant island with only 40,000 people. | | | Without these financial centers, there would be less saving and investment and less efficient allocation of capital throughout the globe. |
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http://www.washtimes.com/commentary/20040209-090310-4341r.htm
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| | Offshore Lexicon Index |
| | Preferential tax regimes - These are nations whose international financial center and laws are... | | | Offshore Banking Unit (OBU) - A bank in an offshore financial center... | | | Offshore insurance - Where a foreign based insurance company issues a universal or variable life policy... |
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http://www.global.bs/lexicon.html
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| | Offshore Ecommerce |
| | As a result, the offshore finance centres are being threatened by the major industrial powers, who have begun focusing on "tax competition" by the offshore "tax havens." See International Taxation of Ecommerce. | | | Legitimate uses of offshore jurisdictions include various kinds of funds, such as setting up offshore investment and insurance companies, especially for self insuring, with less paperwork and regulation and more privacy. | | | The BVI has created an "offshore finance" industry as one of the best jurisdictions for legitimate, fund-related businesses. |
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http://www.components-online.com/Ecommerce/Offshore/default.htm
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| | Lowtax.net - Offshore Tax, E-commerce and Information Resource |
| | Offshore: what it is and who uses it; a review of the main business sectors operating offshore. | | | In Lowtax Jurisdictions we describe the thirty six top offshore jurisdictions in detail: the countries, their tax systems, their investment regimes, etc. and there is direct access to information about providers of offshore services. | | | The South Korean tax authorities will treat both foreign and domestic investors on equal terms, despite the major crackdown on foreign investment funds which are alleged by the government to have been dodging local taxes by using offshore company structures, according to Finance Minister Han Duck-soo. |
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http://www.lowtax.net
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| | Belize Offshore Services Providers |
| | Other offshore legislation soon followed, and today Belize is one of the world's leading offshore financial centers. | | | Likewise, as an offshore financial center, Belize boasts some of the world's most modern and flexible offshore legislation. | | | Similar relationships are continuously being established in other comparable offshore jurisdictions to ensure that your offshore corporate needs and interests are properly met. |
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http://www.toledomaya.org
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| | US Congress Targets Offshore Financial Centers - Where, When, How Tourist Guide |
| | While the Turks and Caicos Islands' offshore financial industry may have avoided landing on the Organization for Economic Cooperation and Development's revised blacklist of countries engaging in harmful tax practices this April, it seems unlikely that the offshore industry's newfound freedom from scrutiny will be long-lived. | | | Proponents of a moratorium say that if the practice were banned outright, US companies who haven't established offshore offices would be punished, while US companies in general would be at a higher risk for takeovers by foreign corporations. | | | At the heart of the US Government's increased scrutiny is the concept of corporate inversions. |
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http://www.wherewhenhow.com/Offshore/USCongress.html
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| | InternationalReports.net : Dubai, UAE 2003 |
| | DIFC has hired a world class regulatory team to draw up its rules and regulations, led by Ian Hay-Davidson, formerly chairman of Lloyds of London, and Philip Thorpe, former managing director of the Financial Services Authority in the City of London. | | | DIFC received a further boost in mid-August when Standard Chartered bank applied for a license to operate within the center. | | | On the surface, its products are similar to conventional financial products – current accounts, credit cards and mortgages on the retail side; multi-million dollar project financings and bonds on the wholesale side. |
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http://www.internationalreports.net/middleeast/dubai/2003/thefuture.html
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| | Capital flight to Doha - Zawya.com Middle East Business News |
| | Senior executives at the DIFC, QFC and in Bahrain, which is traditionally the Gulf's top financial center, routinely repeat the official line that there's room enough for three financial centers in the Gulf. | | | Dubai authorities never revealed the precise reasons for Thorpe's dismissal, and so the media has always believed that the underlying cause was disagreement between Thorpe and the DIFC's commercial management team about the level of transparency enshrined in the center's corporate governance policies. | | | During his three years at the ASIC, Knott was responsible for all conduct governing the operation of takeovers, financial reporting, consumer protection and the securities markets in Australia. |
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http://www.zawya.com/Story.cfm?storyid=ZAWYA20050601110649
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| | skill-link: Interest Zone |
| | The Dubai International Financial Center is intended to be a global jurisdiction of choice for financial institutions and to bring world-class regulatory processes and market mechanisms to the region comprised of the GCC, the Indian subcontinent, northern Gulf, the Caspian states, the Levant, north and east Africa. | | | Situated between the financial centers of Europe and Asia, DIFC should be a bridge between the east and the west serving as a gateway for the flow of capital to and from the region thus strengthening the regional links to international capital markets. | | | DIFC will also host professional service providers critical to the development of the regional financial sector such as credit rating agencies, professional service firms, law firms and information service providers. |
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http://www.skill-link.com/Docs/IZ/jb-DubaiICF127.htm
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| | MENAFN - Middle East North Africa . Financial Network News: LONDON, 27 September 2004 — The opening for business last week by the Dubai International Financial Center (DIFC), the self-styled "Middle East's first |
| | According to the DIFC, other financial institutions including international majors such as Merrill Lynch, Credit Suisse, and AON, the insurance giant, have all signaled their intent of applying for operating licenses in the Center. | | | The third license, a financial services license, went to the GCC Energy Fund Managers Limited, a regional integrated equity fund making investments across the energy sector within the six Gulf Cooperation Council countries. | | | No official reasons were given for their departure, although UK press reports suggested differences over some of the real estate deals involved with the Dubai Financial District, of which the DIFC is the flagship project, with its "signature building" headquarters, The Gate. |
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http://www.menafn.com/qn_news_story_s.asp?StoryId=64500
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| | DIFC Moves Ahead With Plans To Set Up Legal Framework |
| | The bond would be raised on the DIFC market through investment banks and the proceeds would be used to fund World Bank projects. | | | While the DIFC’s stock market plans have attracted the most publicity, especially after the World Bank’s show of interest, the main area of DIFC activity is expected to be provision of licenses and services for foreign companies in | | | This month, it appointed international law firm Clifford Chance to assist on the legal side, and completion of the legal framework is scheduled for the last quarter of the year, which should enable the DIFC to license financial institutions by year-end. |
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http://www.mees.com/postedarticles/finance/uae/a45n21b02.htm
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| | Anonymous Offshore Company Formation. Offshore Bank Accounts |
| | Going offshore through an IBC (International Business Corporation) allows the owners total control over their assets in complete privacy from an offshore financial jurisdiction. | | | This is done by employing an inventory of legal tools offshore, including: Asset Protection Trusts, Private Foundations, International Business Companies (sometimes referred to as IBCs) and many other custom devices. | | | The procedure of asset protection typically involves transferring assets into other entities, to positively shield them from potential foreign court awarded monetary judgments. |
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http://www.growthstock.net
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| | NodeWorks - Business: News & Media |
| | Breaking financial, business and economic news worldwide from major provider of information services. | | | Provider of comprehensive real-time business, financial, and geopolitical news to financial professionals. | | | Provides global coverage of legislation and regulation, corporate and offshore finance, market analysis and worldwide business news. |
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http://dir.nodeworks.com/Business/News_and_Media
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| | albawaba.com middle east news information |
| | Morgan Stanley, a global financial services firm and a market leader in securities, investment management and credit services, has received a license from the DFSA (Dubai Financial Services Authority) to operate as an authorised firm in the... | | | International Finance Corporation (IFC), the private sector arm of the World Bank Group and the Mohammed Bin Rashid Establishment for Young Business Leaders has decided to form a partnership to promote entrepreneurship programs in the UAE. | | | A formal application for authorization and a license was submitted on Sunday to the Qatar Financial... |
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http://www.menareport.com/en/business,Financial_Markets
(505 words)
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| | Dubai Development & Investment Authority::Finance |
| | DIFC will introduce a fully transparent operating environment complying with global best practice, internationally accepted laws and regulatory processes and a world class independent regulatory agency that will work with major global jurisdictions and their financial regulatory agencies. | | | The sector has been earmarked by the Dubai Government as a key growth sector and is expected to grow from 10% of the city's GDP (a contribution equal to that of oil) to 20% via the creation of the Dubai International Financial Center (DIFC). | | | The minimum capital adequacy requirement for banks is 10%, which is 2% higher than that required by the Bank of International Settlements, and financial statements must meet international accountancy standards. |
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http://www.ddia.ae/English?action=article&ID=49&p=3
(645 words)
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| | IT Business Edge |
| | Phishers are also starting to target customers of smaller financial institutions as the larger ones take measures to protect their customers from attack. | | | This provides an opportunity for Cisco to show SMEs how VoIP can reduce infrastructure costs and use what may be described as IP sleight of hand to make them seem like bigger companies than they are. | | | Some phishers have turned to screen-grabbing malware to record passwords even on banking sites that use graphical keyboard systems to circumvent keyloggers. |
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http://www.ITBusinessEdge.com
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| | DIFC Is Not Modeled on City of London or Wall Street |
| | Offshore financial centers in the Middle East in general and the Gulf states in particular, unfortunately, are also hostages of their geopolitical and geographic locations. | | | Financial globalization and the IT evolution, in fact, have enhanced the ability of international capital (read mainly Western fund managers) to be fair weather friends. | | | To the international and regional majors, and the allied professions such as international legal firms and auditing firms, it will be the proposition that DIFC offers. |
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http://www.arabnews.com/?page=6§ion=0&article=30128&d=11&m=8&y=2003
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| | JurisConsults International Group |
| | While the most popular jurisdictions for setting-up a captive are the usual offshore financial centers, Bermuda is by far the most popular with 4,600 more captives domiciled than anywhere in the world. | | | This dilemma precipitated immediate and widespread demand for product liability insurance at any price -- and sparked a desperate search by American companies to offshore financial centers in which the captive insurance industry was quietly awaiting its opportunity to seize a significant share of the market. | | | Furthermore, this opens up an opportunity for the captive to create a new profit center in the captive by underwriting the insurance risks of other unrelated companies. |
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http://www.jurisconsultsgroup.com/captiveinsurance.htm
(940 words)
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| | Monografia de Finanzas Internacionales - Monografias.com |
| | Refugios contributivos, offshore financial centers (en adelante OFCs), Centros Financieros Internacionales (IFC), entre otros, son nombres con los que se describe a ese grupo de aproximadamente 50 países, colonias, o zonas especiales que ofrecen alguna combinación entre reducción contributiva, protección de activos, privacidad y/o regulación gubernamental limitada, licencias, incorporaciones a empresarios e inversionistas. | | | Recent Developments in Money-laundering Policies and Offshore Finance Centres". | | | Cullison, Allan S. "Russia is told to Sell its Offshore Banks IMF Demand is in Wake
". |
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http://www.monografias.com/trabajos10/offshor/offshor.shtml
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