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Legal Briefing
An uneven playing field?
Practice Area: Enforcement and Regulation
Sector: Investment Management
Jurisdiction: Channel Islands-Jersey
Published: 11 February 2010
Law Firm: Penningtons
Overview
Offshore financial centres (OFCs) have come in for a lot of criticism recently. If you read the daily newspapers, you might well believe that every OFC is a hive of banking secrecy, tax evasion and criminal activity. Even Oxfam has joined in. The Guardian recorded Oxfam’s claims that developing countries lose out on up to $124bn (£78bn) of annual income from assets held offshore in OFCs.
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