1229:. A group of activists state that ÂŁ13-20 trillion is held in offshore accounts yet the real figure could be much higher when taking into account Chinese, Russian and US deployment of capital internationally . These often regurgitated figures have not stood up to scrutiny however, and nor has the black hole theory that capital is hoarded away from the financial and tax systems in OFCs. Much like a criminal using a wallet identified and seized as proceeds of crime, it would be counterintuitive for anyone to hold assets unused. Moreover, much of the capital flowing through vehicles in the OFCs is aggregated investment capital from pension funds, institutional and private investors which has to be deployed in industry around the World.
1484:
tax is paid (i.e. no one pays any tax on offshore holdings), and the equally curious narrative that 100% of those deposits would otherwise have been liable to tax. Projections are often predicated upon levying tax on the capital sums held in offshore accounts, whereas most national systems of taxation tax income and/or capital gains rather than accrued wealth. Much of the capital held in offshore banks is taxed already at source and where the capital represents profits, is reportable by the beneficial owner and will be taxed according to that owner’s tax residence. Capital is always deployed in investments which also then generates further tax revenue on those activities that have been invested in onshore.
1500:'s “World Wealth Report” for 2000, one third of the wealth of the world's “high-net-worth individuals” — nearly $ 6 trillion out of $ 17.5 trillion — may now be held offshore. A large portion, £6.3tn, of offshore assets, is owned by only a tiny sliver, 0.001% (around 92,000 super wealthy individuals) of the world's population. In simple terms, this reflects the inconvenience associated with establishing these accounts, not that these accounts are only for the wealthy. Most all individuals can take advantage of these accounts.
1329:
onshore received all of their money back. In 2009, The Isle of Man authorities were keen to point out that 90% of the claimants were paid, although this only referred to the number of people who had received money from their depositor compensation scheme and not the amount of money refunded. In reality, only 40% of depositor funds had been repaid: 24.8% in
September 2009 and 15.2% in December 2009. In reality. Switzerland, Luxembourg and other offshore jurisdictions now often have some form of compensation scheme.
52:
1386:: 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 financial accounts in a foreign country must file an FBAR if the aggregate value of such accounts at any point in a calendar year exceeds $ 10,000. (31 CFR 103.24). A recent District Court case in the 10th Circuit may have significantly expanded the definition of "interest in" and "other Authority".
1695:
903:
923:
1518:
in order for large scale fraud and money laundering to succeed. Some have been jailed and fined, some banks have closed yet other key actors remain relatively unscathed. Large fraud cases invariably involved the major global retail banks and real estate in the major onshore or mid shore financial centres in order for the criminals to launder the proceeds of crime into safer jurisdictions and the global financial system as a whole.
1291:, in which geographically remote island countries can competitively engage. It can help developing countries source investment and create growth in their economies, and can help redistribute world finance to and from the developed and developing worlds. Equally, well-resourced and developed OFC countries such as New Zealand and Singapore offer a safe and reasonably-well administered background for these similar financial services.
913:
2174:"A crisis of confidence - Letting financial markets run wild was risky business indeed. Transparency, oversight and fair competition are becoming more commonplace now albeit until onshore jurisdictions also have verified beneficial ownership regimes, which appear to be under review in the USA and UK in 2021, criminals will not find it difficult to exploit the international financial systems"
1645:(the Foreign Account Tax Compliance Act) became law in 2010 and "targets tax non-compliance by US taxpayers with foreign accounts focuses on reporting by US taxpayers about certain foreign financial accounts and offshore assets foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest."
1334:
over the guaranteed amount are at risk. However, only offshore centres such as the Isle of Man have refused to compensate depositors 100% of their funds following bank collapses. Onshore depositors have been refunded in full, regardless of what the compensation limit of that country has stated. Thus, banking offshore is historically riskier than banking onshore.
1284:
interest rates on deposits. However, this is scarcely true now; most offshore countries offer very similar interest rates to those that are offered onshore and the offshore banks now have considerable compliance requirements making certain categories of customers (those from the US or from higher risk profile countries) unattractive for different reasons.
1671:"You ask why, if there's an important role for a regulated banking system, do you allow a non-regulated banking system to continue? It's in the interest of some of the moneyed interests to allow this to occur. It's not an accident; it could have been shut down at any time. If you said the US, the UK, the major
1517:
quoting these statistics. In cases such as the 1MDB scandal the HSBC scandal and a host of Ponzi schemes including
Bernard L Madoff Investment Securities, it has been demonstrated that a mixture of onshore and offshore individuals conspiring together to either turn a blind eye or actively collaborate
1369:
developed countries thus falls disproportionately on middle-income groups. Historically, tax cuts have tended to result in a higher proportion of the tax take being paid by high-income groups in doubles from time to time, as previously sheltered income is brought back into the mainstream economy. The
1368:
Offshore private banking is usually more accessible to those with higher incomes, because of the costs of establishing and maintaining offshore accounts. However, simple savings accounts can be opened by anyone and maintained with scale fees equivalent to their onshore counterparts. The tax burden in
1283:
than the legal rate in the home country due to the narrow range of services provided and technological advancements along similar lines to challenger banks such as
Revolut and Starling. Advocates of offshore banking often characterize government regulation as a form of tax on domestic banks, reducing
1221:
Offshore banking constitutes a sizable portion of the international financial system. Some experts believe that as much as half the world's capital flows through offshore centers. OFCs are said to have 1.2% of the world's population and hold 26% of the world's wealth, including 31% of the net profits
1512:
is allegedly laundered through offshore and lesser regulated jurisdictions such as
Paraguay and the UAE and even the US, estimated at up to $ 500 billion a year, more than the total income of the world's poorest 20%. Add the proceeds of tax evasion and the figure increases significantly. Another few
1333:
Both offshore and onshore banking centres often have depositor compensation schemes. For example: The Isle of Man compensation scheme guarantees ÂŁ50,000 of net deposits per individual depositor, or ÂŁ20,000 for most other categories of depositor. Potential depositors should be aware that any deposits
1194:
was ruled a violation of both Swiss law and the country's constitution by a Swiss federal administrative court. Nevertheless, OECD has removed 18 countries, including
Switzerland, Liechtenstein and Luxembourg, from a so-called "grey list" of countries that did not offer sufficient tax transparency,
1483:
Activists has stated that even just the lower estimate of ÂŁ13 trillion on deposit in offshore accounts, if these assets earned an average 3% a year in income for their owners taxable at 30%, then the offshore funds would generate ÂŁ121 billion in tax revenues, on the unrealistic assumption that no
1294:
Interest is generally paid by offshore banks without tax being deducted. This is an advantage to individuals who do not pay tax on worldwide income, or who do not pay tax until the tax return is agreed, or who feel that they can illegally evade tax by hiding the interest incomes. FATCA and CRS and
1328:
Offshore bank accounts are sometimes less financially secure than domestic ones in recent times. For example, in the banking crisis which swept the world in 2008, some savers lost funds that were not insured by the country in which they were deposited. Those who had deposited with the same banks
1118:—they may have. Offshore banks are now required to report income to many other tax authorities, although Switzerland and certain other jurisdictions retain bank secrecy regimes that can be more difficult to deal with. This does not make the non-declaration of the income by the taxpayer or the
1157:, states that the Cayman Islands has US$ 1.9 trillion on deposit in 281 banks, including 40 of the world's top 50 banks, although official statistics published by the Cayman Islands Monetary Authority suggest the amounts held on deposit are actually around US$ 1.5 trillion. Numerous other
1302:
that may not be available from domestic banks such as anonymous bank accounts, higher or lower rate loans based on risk and investment opportunities not available elsewhere. The number of jurisdictions offering anonymous accounts (or bearer shares) has fallen considerably in the last 20
1202:, whose canal provides it with a unique type of immunity to international pressure. Given the enlargement of the canal to accommodate larger shipping, it is unlikely that Panama would succumb in the foreseeable future to international pressure toward transparency.
1173:
are also known for their well regulated banking infrastructure. Some offshore jurisdictions have steered their financial sectors away from offshore banking, thinking it was difficult to properly regulate and liable to give rise to financial scandal.
1389:
Offshore bank accounts are sometimes touted as the solution to every legal, financial, and asset protection strategy, but the benefits are often exaggerated as in the more prominent jurisdictions, the level of Know Your
Customer evidence required
1682:
It is possible to own your own personal offshore bank which are in a different regulatory class to those that may offer services to the public, so they are really only used by medium to large multinational corporations or large family offices.
1265:
Offshore banks provide access to politically and economically stable jurisdictions. This will be an advantage for residents of areas where there is a risk of political turmoil, who fear their assets may be frozen, seized or disappear (see the
1142:
The most popular offshore financial centres are in jurisdictions with a history of political and economic stability. In terms of offshore banking centres and in terms of total deposits, the global market is dominated by the US,
1570:
In the 21st century, regulation of offshore banking has increased exponentially but not evenly, although critics usually focus on the wrong areas. The quality of the regulation is monitored by supra-national bodies such as the
1631:
has introduced sharing of information between certain jurisdictions, and enforced this in respect of certain controlled centers, such as the UK Offshore
Islands, so that tax information is able to be shared in respect of
973:
that is operated and regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to
978:
and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as
1624:, which authorizes the US authorities to seize the assets of a bank, where it is believed that the bank holds assets for a suspected criminal. Similar measures have been introduced in some other countries.
1134:, based in Luxembourg, which are possible crossroads for major illegal money flows. Most criminality involving the banking system has happened because of the regulations and controls being circumvented.
1575:(IMF). Banks are generally required to maintain capital adequacy in accordance with international standards. They must report at least quarterly to the regulator on the current state of the business.
1598:
regulations in many countries including most popular offshore banking locations means that bankers and other service providers are required by law to report suspicion of money laundering to the local
1361:
Offshore jurisdictions can be remote, and therefore costly to visit, so physical access can be difficult. This problem has been alleviated to a considerable extent with the advent and realization of
1675:
banks will not deal with offshore bank centers that don't comply with G7 banks regulations, these banks could not exist. They only exist because they engage in transactions with standard banks."
1102:), the personal income tax laws of many countries (e.g., France, and the United States) make no distinction between interest earned in local banks and that earned abroad. Persons subject to
1969:
has only ever licensed seven banks and they focus on local business. This compares against hundreds in
Switzerland, the Cayman Islands, and (third in number of total banking licences) the
1656:
1513:
hundred billion may come from fraud and corruption. "These offshore centers awash in money are the hub of a colossal, underground network of crime, fraud, and corruption" commented
2183:
1508:
The IMF has said that between $ 600 billion and $ 1.5 trillion of illicit money is laundered annually, equal to 2% to 5% of global economic output. Today, most of the world's
1186:(OECD) at the forefront of a crackdown on tax evasion, will not object to governments using stolen bank data to track down tax evasion using offshore centers, such as in the
2209:
1122:
of the tax on that income legal and many OFCs have recently been important colleagues to onshore tax authorities and law enforcement against wrongdoers. Following the
1931:
1475:
services. Retail services tend to be low-cost and undifferentiated, whereas private banking services tend to bring a personalised suite of services to the client.
2293:
998:
issues the so-called FATF blacklist of "Non-Cooperative
Countries or Territories" (NCCTs), which it perceived to be non-cooperative in the global fight against
1183:
1358:
groups, and other state or non-state actors. However, offshore banking is a legitimate financial service used by many expatriate and international workers.
2037:
1613:(IRS) introduced Qualifying Intermediary requirements, which mean that the names of the recipients of US-source investment income are passed to the IRS.
1835:
1059:
to this day, the term is used figuratively to refer to any bank used for these advantages, regardless of location. Thus, some banks in landlocked
1126:, there have been many calls to increase regulation on international finance, in particular concerning offshore banks, OFCs, crypto currency and
2019:
983:. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high.
1909:
1782:
1965:
For example, despite being the largest offshore jurisdiction by some distance in terms of number of incorporated offshore vehicles, the
2173:
1318:, which may have specific uses and may still have tax advantages and bank security solutions incorporated in particular jurisdictions.
1543:
1273:
1252:(over 2 trillion US dollars in deposits) are the fifth largest banking centre globally in terms of deposits. However, data by the
2205:
1539:
1191:
1256:
show that the assets held by foreign persons in Swiss bank accounts declined by 28.1% between
January 2008 and November 2009.
2147:
543:
409:
2361:
2115:
1380:
requires U.S. Taxpayers to file a Department of the Treasury Form 90–22.1 Report of Foreign Bank and Financial Accounts (
1935:
1354:, offshore banks, onshore banks along with clearing houses, have been accused of helping various organized crime gangs,
2285:
2263:
1639:
requires that Taxpayers file an FBAR for accounts outside of the United States that have balances in excess of $ 10,000
1578:
Since the late 1990s, especially following September 11, 2001, there have been a number of initiatives to increase the
1559:
1211:
2231:
1986:
1874:
1815:
952:
994:) compliance, the offshore banking sector in most jurisdictions was subject to changing regulations. Since 2002 the
1889:
In other countries no difference as long as you are resident and domiciled there (for example, the United Kingdom)
1679:
This viewpoint did not age well in the wake of scandals at Goldman Sachs, Wells Fargo, Barclays, HSBC, and others.
17:
2059:
2351:
116:
2089:
1190:. The recent sharing of confidential UBS bank details about 285 clients suspected of willful tax evasion by the
2033:
1728:
1233:
700:
451:
1587:
1187:
1103:
854:
797:
1831:
824:
201:
1572:
1547:
995:
645:
1195:
and has re-categorized them as "white list" countries. Countries that do not comply may face sanctions.
1660:
1351:
605:
533:
365:
91:
2366:
2318:
1579:
1226:
980:
508:
343:
1295:
other reporting mechanisms make the latter more difficult other than for the most blatant criminals.
1899:
1857:
Unger, Brigitte (1 January 2014). "Money Laundering". In Bruinsma, Gerben; Weisburd, David (eds.).
1610:
1276:). However, it is also the case that onshore banks offer the same advantages in terms of stability.
916:
458:
377:
2376:
2337:
Offshore Bank Licenses and Their Differences in Major Jurisdictions - IFLS Corporate Services Ltd
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348:
136:
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1437:
1432:
1115:
991:
945:
879:
640:
578:
538:
397:
176:
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1090:; however, legally, offshore banking does not prevent assets from being subject to personal
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1617:
1555:
1123:
802:
777:
655:
615:
610:
478:
267:
216:
146:
126:
2336:
8:
1562:) further diminishing the value of offshore banking for keeping Illicit activity secret.
1339:
1253:
1075:
1003:
987:
869:
695:
685:
635:
573:
282:
151:
96:
1904:
1522:
1509:
1400:
1315:
1153:
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1099:
844:
819:
715:
710:
598:
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558:
523:
311:
131:
36:
1994:
1870:
1811:
922:
757:
752:
593:
563:
498:
211:
1244:
hold an estimated 35% of the world's private and institutional funds (or 3 trillion
1151:. A letter by the District Attorney of New York, Robert M. Morgenthau, published by
1862:
1832:"Offshore Tax-Avoidance and IRS Compliance Efforts | Internal Revenue Service"
1636:
1461:
1447:
1417:
1407:
1377:
1347:
1307:
1299:
1087:
999:
938:
906:
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630:
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528:
446:
2137:
1866:
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1805:
1723:
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1603:
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1422:
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1111:
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849:
772:
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518:
493:
468:
382:
272:
262:
111:
86:
1013:. Typically, an individual or company will maintain an offshore account for the
404:
2356:
2332:
Global Forum on Transparency and Exchange of Information for Tax Purposes, OECD
1628:
1362:
1311:
1249:
1148:
1052:
926:
839:
807:
747:
680:
665:
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588:
387:
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257:
222:
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191:
106:
51:
2111:
1590:(NGO) maintain that they have been insufficient. A few examples of these are:
1584:
Association for the Taxation of Financial Transactions for the Aid of Citizens
1279:
Some offshore banks may operate with a lower cost base and can provide higher
2345:
1998:
1758:
1493:
1457:
1280:
1223:
1056:
884:
864:
787:
742:
513:
503:
483:
360:
171:
141:
76:
66:
2259:
1161:
also provide offshore banking to a greater or lesser degree. In particular,
2242:
2178:
2086:"Kaupthing Singer & Friedlander (Isle of Man) Limited (In Liquidation)"
1738:
1708:
1700:
1606:
rules. There is more international co-operation between police authorities.
1514:
1370:
1232:
Trillions in deposits and securities are held in offshore banks, mostly by
1026:
670:
473:
338:
277:
234:
196:
181:
101:
81:
2112:"FSC - Depositors' Compensation Scheme - Financial Supervision Commission"
1098:. Except for certain people who meet fairly complex requirements (such as
1664:
1653:
1245:
1170:
1144:
1131:
1119:
1083:
1068:
829:
720:
690:
301:
186:
121:
71:
2331:
2063:
1306:
Offshore banking is often linked to other corporate structures, such as
1442:
1412:
1241:
1091:
1064:
1037:
306:
1182:
Since starting to survey offshore jurisdictions on April 2, 2009, the
1743:
1497:
1467:
Not every bank provides each service. Banks tend to polarise between
1355:
1268:
1237:
419:
241:
2085:
1009:
An account held in a foreign offshore bank is often described as an
2142:
1748:
1166:
1095:
463:
296:
1970:
1452:
1288:
1107:
1060:
1022:
1014:
782:
553:
156:
1017:
and legal advantages it provides, including but not limited to:
1599:
1468:
1199:
1162:
1137:
333:
1043:
Protection against local, political, or financial instability.
29:
Bank located outside the country of residence of the depositor
1642:
1583:
1551:
441:
392:
970:
650:
488:
414:
43:
1338:
Offshore banking has been associated in the past with the
1287:
Offshore finance is one of the few industries, along with
1956:
Trust Law in Wealth Management and Estate Planning, p.429
1074:
Offshore banking has previously been associated with the
1033:
2206:"Important things You Must Learn about Offshore Banking"
1672:
2034:"Are Private Foreign Assets Fleeing From Switzerland?"
1663:, told to reporter Lucy Komisar, investigating on the
1184:
Organisation for Economic Co-operation and Development
1106:, for example, are required to declare, on penalty of
1205:
1690:
1565:
1934:. Cayman Islands Monetary Authority. Archived from
2138:"Business | Icelandic bank savers bailed out"
1582:of offshore banking, although critics such as the
1478:
2343:
1987:"ÂŁ13tn hoard hidden from taxman by global elite"
1859:Encyclopedia of Criminology and Criminal Justice
2168:
1055:, and while most offshore banks are located in
1399:It is possible to obtain the full spectrum of
2060:"Isle of Man Depositors' Compensation Scheme"
946:
1438:Investment management and investment custody
1346:, thanks to movies such as the Firm through
1216:
1138:Offshore banking comparison by jurisdictions
1981:
1979:
986:With worldwide increasing measures on CTF (
2319:Economist Interview about Offshore Banking
953:
939:
1861:. Springer New York. pp. 3137–3144.
1803:
283:Transaction (checking / current)
1976:
1322:
1177:
2162:
14:
2344:
1804:Natarajan, Mangai (15 November 2010).
1192:United States Internal Revenue Service
1071:may be described as "offshore banks".
2212:from the original on 6 September 2017
2186:from the original on 3 September 2013
2150:from the original on 30 December 2013
2020:"Cayman Islands and Offshore Finance"
1856:
1785:from the original on 1 September 2017
1259:
988:combatting the financing of terrorism
2286:"Foreign Account Tax Compliance Act"
1912:from the original on 5 December 2013
1274:1998–2002 Argentine great depression
912:
1503:
1448:Letters of credit and trade finance
1394:
1047:While the term originates from the
24:
2118:from the original on 16 March 2012
2040:from the original on 28 March 2012
1779:"The Price of Offshore, Revisited"
1560:Terrorist Finance Tracking Program
1298:Some offshore banks offer banking
1212:List of offshore financial centres
1206:List of offshore financial centres
25:
2388:
2312:
2296:from the original on 12 June 2017
2092:from the original on 6 March 2012
1566:Regulation of international banks
2266:from the original on 7 July 2016
1838:from the original on 15 May 2017
1693:
1403:from offshore banks, including:
1234:international business companies
921:
911:
902:
901:
50:
2278:
2252:
2224:
2198:
2130:
2104:
2078:
2052:
2026:
2012:
1807:International Crime and Justice
1554:transaction database after the
1959:
1950:
1924:
1892:
1883:
1850:
1824:
1810:. Cambridge University Press.
1797:
1771:
1729:International Banking Facility
1550:, had a program to access the
1479:Scale of potential tax revenue
701:Strategic financial management
13:
1:
2232:"Flat Tax — The British Case"
1932:"Banking Statistics (Cayman)"
1867:10.1007/978-1-4614-5690-2_439
1764:
1588:non-governmental organization
1272:for example, during the 2001
1188:2008 Liechtenstein tax affair
855:Sustainable development goals
1487:
7:
2362:Organized crime terminology
2208:. World News. 27 May 2017.
1686:
1573:International Monetary Fund
1373:demonstrates this tendency.
996:Financial Action Task Force
10:
2393:
2088:. Kaupthingsingers.co.im.
1661:World Bank Chief Economist
1462:electronic funds transfers
1209:
1051:being "offshore" from the
981:offshore financial centres
606:Fractional-reserve banking
534:Enterprise risk management
1602:authority, regardless of
1217:Scope of offshore banking
1114:—which may or may not be
509:Diversification (finance)
2062:. Dcs.im. Archived from
2036:. MyPrivateBanking.com.
1900:"Havens for Tax Evasion"
1611:Internal Revenue Service
1540:United States government
1413:Corporate administration
1240:. Among offshore banks,
459:Automated teller machine
1529:The Wall Street Journal
1198:A notable exception is
1032:Little or no corporate
706:Stress test (financial)
2352:International taxation
1967:British Virgin Islands
1754:Citibank IPB Singapore
1734:List of finance topics
1719:Banking in Switzerland
1677:
1657:laureate for economics
1620:the US introduced the
1544:US Treasury Department
1443:Debit and Credit Cards
1365:as a practical system.
1159:offshore jurisdictions
1116:numbered bank accounts
2260:"Tax Wealth Not Work"
1669:
1596:anti-money laundering
1535:The Los Angeles Times
1323:Banking disadvantages
1178:Weakened bank secrecy
992:anti-money laundering
880:Too connected to fail
641:Investment management
539:Environmental finance
398:Correspondent account
92:Community development
1714:Banking in Singapore
1556:September 11 attacks
778:Exchange traded fund
656:Mathematical finance
616:Fundamental analysis
611:Full-reserve banking
217:Bank holding company
127:Export credit agency
35:Part of a series on
2248:on 12 January 2006.
2172:(22 October 2008).
1781:. 17 January 2014.
1542:, specifically the
1340:underground economy
1254:Swiss National Bank
1110:, any foreign bank
1100:perpetual travelers
1076:underground economy
1004:terrorist financing
870:Time value of money
696:Statistical finance
686:Sustainable finance
636:Investment advisory
278:Time deposit (Bond)
2146:. 8 October 2008.
1938:on 20 October 2014
1905:The New York Times
1594:The tightening of
1538:revealed that the
1523:The New York Times
1401:financial services
1352:September 11, 2001
1308:offshore companies
1260:Banking advantages
1154:The New York Times
845:Security (finance)
820:History of banking
716:Structured product
711:Structured finance
524:Economic expansion
37:financial services
2239:www.adamsmith.org
2066:on 4 October 2015
1908:. 11 March 2008.
963:
962:
758:Corporate finance
753:Capital structure
728:
727:
499:Corporate finance
319:
318:
16:(Redirected from
2384:
2367:Offshore finance
2326:Washington Times
2306:
2305:
2303:
2301:
2282:
2276:
2275:
2273:
2271:
2256:
2250:
2249:
2247:
2241:. Archived from
2236:
2228:
2222:
2221:
2219:
2217:
2202:
2196:
2195:
2193:
2191:
2166:
2160:
2159:
2157:
2155:
2134:
2128:
2127:
2125:
2123:
2108:
2102:
2101:
2099:
2097:
2082:
2076:
2075:
2073:
2071:
2056:
2050:
2049:
2047:
2045:
2030:
2024:
2023:
2016:
2010:
2009:
2007:
2005:
1993:. 21 July 2012.
1983:
1974:
1963:
1957:
1954:
1948:
1947:
1945:
1943:
1928:
1922:
1921:
1919:
1917:
1896:
1890:
1887:
1881:
1880:
1854:
1848:
1847:
1845:
1843:
1828:
1822:
1821:
1801:
1795:
1794:
1792:
1790:
1775:
1703:
1698:
1697:
1696:
1637:Bank Secrecy Act
1504:Money laundering
1453:Trustee services
1428:Foreign exchange
1408:Savings accounts
1395:Banking services
1385:
1384:
1378:Bank Secrecy Act
1348:money laundering
1088:money laundering
1011:offshore account
1000:money laundering
955:
948:
941:
925:
915:
914:
905:
904:
835:Personal finance
768:Equity (finance)
631:Impact investing
621:Growth investing
529:Enterprise value
436:
435:
247:
246:
202:Savings and loan
54:
32:
31:
21:
18:Offshore banking
2392:
2391:
2387:
2386:
2385:
2383:
2382:
2381:
2342:
2341:
2315:
2310:
2309:
2299:
2297:
2284:
2283:
2279:
2269:
2267:
2258:
2257:
2253:
2245:
2234:
2230:
2229:
2225:
2215:
2213:
2204:
2203:
2199:
2189:
2187:
2170:Joseph Stiglitz
2167:
2163:
2153:
2151:
2136:
2135:
2131:
2121:
2119:
2110:
2109:
2105:
2095:
2093:
2084:
2083:
2079:
2069:
2067:
2058:
2057:
2053:
2043:
2041:
2032:
2031:
2027:
2018:
2017:
2013:
2003:
2001:
1985:
1984:
1977:
1964:
1960:
1955:
1951:
1941:
1939:
1930:
1929:
1925:
1915:
1913:
1898:
1897:
1893:
1888:
1884:
1877:
1855:
1851:
1841:
1839:
1830:
1829:
1825:
1818:
1802:
1798:
1788:
1786:
1777:
1776:
1772:
1767:
1724:Corporate haven
1699:
1694:
1692:
1689:
1650:Joseph Stiglitz
1622:USA PATRIOT Act
1604:banking secrecy
1568:
1506:
1490:
1481:
1473:private banking
1469:retail services
1433:Fund management
1397:
1382:
1381:
1344:organized crime
1325:
1262:
1219:
1214:
1208:
1180:
1140:
1128:clearing houses
1080:organized crime
1049:Channel Islands
976:less regulation
959:
894:
893:
875:Too big to fail
860:Systematic risk
773:Ethical banking
763:Cost of capital
738:
730:
729:
676:Private banking
646:Islamic banking
626:Hedge (finance)
549:Ethical banking
519:Economic bubble
494:Climate finance
469:Bank regulation
433:
425:
424:
383:Instant payment
329:
321:
320:
244:
227:
226:
62:
30:
23:
22:
15:
12:
11:
5:
2390:
2380:
2379:
2377:Banking crimes
2374:
2369:
2364:
2359:
2354:
2340:
2339:
2334:
2329:
2321:
2314:
2313:External links
2311:
2308:
2307:
2277:
2251:
2223:
2197:
2161:
2129:
2103:
2077:
2051:
2025:
2011:
1975:
1958:
1949:
1923:
1891:
1882:
1875:
1849:
1823:
1816:
1796:
1769:
1768:
1766:
1763:
1762:
1761:
1756:
1751:
1746:
1741:
1736:
1731:
1726:
1721:
1716:
1711:
1705:
1704:
1688:
1685:
1647:
1646:
1640:
1633:
1629:European Union
1625:
1614:
1609:In the US the
1607:
1567:
1564:
1505:
1502:
1489:
1486:
1480:
1477:
1465:
1464:
1455:
1450:
1445:
1440:
1435:
1430:
1425:
1423:Deposit taking
1420:
1415:
1410:
1396:
1393:
1392:
1391:
1387:
1374:
1366:
1363:online banking
1359:
1331:
1330:
1324:
1321:
1320:
1319:
1304:
1296:
1292:
1285:
1281:interest rates
1277:
1261:
1258:
1250:Cayman Islands
1227:multinationals
1218:
1215:
1210:Main article:
1207:
1204:
1179:
1176:
1149:Cayman Islands
1139:
1136:
1057:island nations
1053:United Kingdom
1045:
1044:
1041:
1030:
961:
960:
958:
957:
950:
943:
935:
932:
931:
930:
929:
919:
909:
896:
895:
892:
891:
888:
887:
882:
877:
872:
867:
862:
857:
852:
847:
842:
840:Public finance
837:
832:
827:
822:
817:
816:
815:
810:
805:
800:
795:
785:
780:
775:
770:
765:
760:
755:
750:
748:Bond (finance)
745:
739:
737:Related topics
736:
735:
732:
731:
726:
725:
724:
723:
718:
713:
708:
703:
698:
693:
688:
683:
681:Sustainability
678:
673:
668:
666:Money creation
663:
661:Mobile banking
658:
653:
648:
643:
638:
633:
628:
623:
618:
613:
608:
603:
602:
601:
596:
591:
586:
581:
576:
571:
566:
561:
551:
546:
541:
536:
531:
526:
521:
516:
511:
506:
501:
496:
491:
486:
481:
476:
471:
466:
461:
456:
455:
454:
449:
434:
431:
430:
427:
426:
423:
422:
417:
412:
407:
402:
401:
400:
390:
385:
380:
375:
374:
373:
368:
358:
357:
356:
351:
341:
336:
330:
328:Funds transfer
327:
326:
323:
322:
317:
316:
315:
314:
309:
304:
299:
291:
290:
286:
285:
281:
280:
275:
270:
265:
260:
258:Christmas club
252:
251:
245:
233:
232:
229:
228:
223:Lists of banks
220:
219:
214:
209:
204:
199:
194:
189:
184:
179:
177:Postal savings
174:
169:
164:
159:
154:
152:Mutual savings
149:
144:
139:
134:
129:
124:
119:
114:
109:
104:
99:
94:
89:
84:
79:
74:
69:
63:
61:Types of banks
60:
59:
56:
55:
47:
46:
40:
39:
28:
9:
6:
4:
3:
2:
2389:
2378:
2375:
2373:
2372:Tax avoidance
2370:
2368:
2365:
2363:
2360:
2358:
2355:
2353:
2350:
2349:
2347:
2338:
2335:
2333:
2330:
2328:
2327:
2324:Commentary -
2322:
2320:
2317:
2316:
2295:
2291:
2287:
2281:
2265:
2261:
2255:
2244:
2240:
2233:
2227:
2211:
2207:
2201:
2185:
2181:
2180:
2175:
2171:
2165:
2149:
2145:
2144:
2139:
2133:
2117:
2113:
2107:
2091:
2087:
2081:
2065:
2061:
2055:
2039:
2035:
2029:
2021:
2015:
2000:
1996:
1992:
1988:
1982:
1980:
1972:
1968:
1962:
1953:
1937:
1933:
1927:
1911:
1907:
1906:
1901:
1895:
1886:
1878:
1876:9781461456896
1872:
1868:
1864:
1860:
1853:
1837:
1833:
1827:
1819:
1817:9781139492379
1813:
1809:
1808:
1800:
1784:
1780:
1774:
1770:
1760:
1759:Panama Papers
1757:
1755:
1752:
1750:
1747:
1745:
1742:
1740:
1737:
1735:
1732:
1730:
1727:
1725:
1722:
1720:
1717:
1715:
1712:
1710:
1707:
1706:
1702:
1691:
1684:
1680:
1676:
1674:
1668:
1666:
1662:
1658:
1655:
1651:
1644:
1641:
1638:
1634:
1630:
1626:
1623:
1619:
1615:
1612:
1608:
1605:
1601:
1597:
1593:
1592:
1591:
1589:
1585:
1581:
1576:
1574:
1563:
1561:
1557:
1553:
1549:
1545:
1541:
1537:
1536:
1531:
1530:
1525:
1524:
1519:
1516:
1511:
1501:
1499:
1495:
1494:Merrill Lynch
1492:According to
1485:
1476:
1474:
1470:
1463:
1459:
1456:
1454:
1451:
1449:
1446:
1444:
1441:
1439:
1436:
1434:
1431:
1429:
1426:
1424:
1421:
1419:
1416:
1414:
1411:
1409:
1406:
1405:
1404:
1402:
1388:
1379:
1375:
1372:
1367:
1364:
1360:
1357:
1353:
1349:
1345:
1341:
1337:
1336:
1335:
1327:
1326:
1317:
1313:
1309:
1305:
1301:
1297:
1293:
1290:
1286:
1282:
1278:
1275:
1271:
1270:
1264:
1263:
1257:
1255:
1251:
1247:
1243:
1239:
1235:
1230:
1228:
1225:
1224:United States
1213:
1203:
1201:
1196:
1193:
1189:
1185:
1175:
1172:
1168:
1164:
1160:
1156:
1155:
1150:
1146:
1135:
1133:
1129:
1125:
1121:
1117:
1113:
1109:
1105:
1104:US income tax
1101:
1097:
1093:
1089:
1085:
1081:
1077:
1072:
1070:
1066:
1062:
1058:
1054:
1050:
1042:
1039:
1035:
1031:
1028:
1024:
1020:
1019:
1018:
1016:
1012:
1007:
1005:
1001:
997:
993:
989:
984:
982:
977:
972:
968:
967:offshore bank
956:
951:
949:
944:
942:
937:
936:
934:
933:
928:
924:
920:
918:
910:
908:
900:
899:
898:
897:
890:
889:
886:
885:Watered stock
883:
881:
878:
876:
873:
871:
868:
866:
865:Systemic risk
863:
861:
858:
856:
853:
851:
848:
846:
843:
841:
838:
836:
833:
831:
828:
826:
825:List of banks
823:
821:
818:
814:
811:
809:
806:
804:
801:
799:
796:
794:
791:
790:
789:
786:
784:
781:
779:
776:
774:
771:
769:
766:
764:
761:
759:
756:
754:
751:
749:
746:
744:
743:Asset pricing
741:
740:
734:
733:
722:
719:
717:
714:
712:
709:
707:
704:
702:
699:
697:
694:
692:
689:
687:
684:
682:
679:
677:
674:
672:
669:
667:
664:
662:
659:
657:
654:
652:
649:
647:
644:
642:
639:
637:
634:
632:
629:
627:
624:
622:
619:
617:
614:
612:
609:
607:
604:
600:
597:
595:
592:
590:
587:
585:
582:
580:
577:
575:
572:
570:
567:
565:
562:
560:
557:
556:
555:
552:
550:
547:
545:
542:
540:
537:
535:
532:
530:
527:
525:
522:
520:
517:
515:
514:Eco-investing
512:
510:
507:
505:
504:Disinvestment
502:
500:
497:
495:
492:
490:
487:
485:
484:Capital asset
482:
480:
477:
475:
472:
470:
467:
465:
462:
460:
457:
453:
450:
448:
445:
444:
443:
440:
439:
438:
437:
429:
428:
421:
418:
416:
413:
411:
408:
406:
403:
399:
396:
395:
394:
391:
389:
386:
384:
381:
379:
376:
372:
369:
367:
364:
363:
362:
359:
355:
352:
350:
347:
346:
345:
342:
340:
337:
335:
332:
331:
325:
324:
313:
310:
308:
305:
303:
300:
298:
295:
294:
293:
292:
288:
287:
284:
279:
276:
274:
271:
269:
266:
264:
261:
259:
256:
255:
254:
253:
249:
248:
243:
240:
236:
231:
230:
225:
224:
218:
215:
213:
210:
208:
205:
203:
200:
198:
195:
193:
190:
188:
185:
183:
180:
178:
175:
173:
170:
168:
167:Participation
165:
163:
160:
158:
155:
153:
150:
148:
147:Middle market
145:
143:
140:
138:
135:
133:
130:
128:
125:
123:
120:
118:
115:
113:
110:
108:
105:
103:
100:
98:
95:
93:
90:
88:
85:
83:
80:
78:
77:Bulge bracket
75:
73:
70:
68:
65:
64:
58:
57:
53:
49:
48:
45:
42:
41:
38:
34:
33:
27:
19:
2325:
2298:. Retrieved
2289:
2280:
2268:. Retrieved
2254:
2243:the original
2238:
2226:
2214:. Retrieved
2200:
2188:. Retrieved
2179:The Guardian
2177:
2164:
2152:. Retrieved
2141:
2132:
2120:. Retrieved
2106:
2094:. Retrieved
2080:
2068:. Retrieved
2064:the original
2054:
2042:. Retrieved
2028:
2014:
2002:. Retrieved
1991:The Observer
1990:
1961:
1952:
1940:. Retrieved
1936:the original
1926:
1914:. Retrieved
1903:
1894:
1885:
1858:
1852:
1840:. Retrieved
1826:
1806:
1799:
1787:. Retrieved
1773:
1739:Private bank
1709:Bank secrecy
1701:Banks portal
1681:
1678:
1670:
1648:
1580:transparency
1577:
1569:
1533:
1527:
1521:
1520:
1515:Lucy Komisar
1507:
1491:
1482:
1466:
1398:
1390:underplayed.
1371:Laffer curve
1350:. Following
1332:
1267:
1246:Swiss francs
1231:
1220:
1197:
1181:
1152:
1141:
1124:9/11 attacks
1073:
1046:
1027:bank secrecy
1025:, including
1010:
1008:
985:
966:
964:
798:participants
671:Pension fund
479:Asset growth
474:Bank secrecy
349:Bill payment
268:Money-market
238:
221:
161:
102:Credit union
26:
2300:23 February
2290:www.irs.gov
2216:6 September
2190:24 November
2154:20 February
2122:20 February
2096:20 February
2070:20 February
2044:20 February
1916:20 February
1789:6 September
1665:Clearstream
1659:and former
1316:foundations
1248:), and the
1242:Swiss banks
1236:(IBCs) and
1171:Isle of Man
1145:Switzerland
1132:Clearstream
1084:tax evasion
1069:Switzerland
990:) and AML (
830:Market risk
721:Toxic asset
691:Speculation
579:engineering
117:Development
97:Cooperative
2346:Categories
2114:. Gov.im.
1942:20 October
1765:References
1616:Following
1510:drug money
1169:, and the
1092:income tax
1065:Luxembourg
1038:tax havens
803:regulation
452:management
447:allocation
344:Electronic
137:Industrial
132:Investment
112:Depository
87:Commercial
1999:0029-7712
1842:10 August
1744:Tax haven
1667:scandal:
1632:interest.
1558:(see the
1498:Capgemini
1488:Ownership
1356:terrorist
1269:corralito
1015:financial
783:Financial
574:economics
554:Financial
420:BRICS PAY
212:Wholesale
207:Universal
107:Custodian
2294:Archived
2264:Archived
2210:Archived
2184:Archived
2148:Archived
2143:BBC News
2116:Archived
2090:Archived
2038:Archived
2004:25 April
1910:Archived
1836:Archived
1783:Archived
1749:Dominica
1687:See also
1586:(ATTAC)
1546:and the
1300:services
1167:Guernsey
1147:and the
1130:such as
1112:accounts
1096:interest
1034:taxation
907:Category
599:services
584:forecast
559:analysis
464:Bad debt
250:Accounts
235:Accounts
172:Payments
162:Offshore
142:Merchant
67:Advising
1971:Bahamas
1652:, 2001
1376:The US
1289:tourism
1120:evasion
1108:perjury
1061:Andorra
1023:privacy
1021:Strong
917:Commons
594:planner
564:analyst
312:Prepaid
273:Savings
263:Deposit
197:Savings
182:Private
157:Neobank
82:Central
44:Banking
2270:8 July
1997:
1873:
1814:
1600:police
1532:, and
1418:Credit
1312:trusts
1303:years.
1238:trusts
1200:Panama
1163:Jersey
1067:, and
927:Portal
850:Shares
813:system
793:market
354:Mobile
334:Cheque
302:Credit
237:
192:Retail
187:Public
122:Direct
2357:Banks
2246:(PDF)
2235:(PDF)
1654:Nobel
1643:FATCA
1552:SWIFT
1458:Wire-
969:is a
569:asset
442:Asset
432:Terms
393:SWIFT
307:Debit
289:Cards
242:Cards
2302:2016
2272:2016
2218:2017
2192:2008
2156:2012
2124:2012
2098:2012
2072:2012
2046:2012
2006:2023
1995:ISSN
1944:2014
1918:2012
1871:ISBN
1844:2017
1812:ISBN
1791:2017
1635:The
1627:The
1618:9/11
1496:and
1471:and
1460:and
1383:FBAR
1342:and
1086:and
1078:and
1036:via
1002:and
971:bank
808:risk
651:Loan
589:plan
489:Cash
415:SPFS
410:CIPS
388:Giro
366:RTGS
361:Wire
339:Card
72:Banq
1863:doi
1548:CIA
1314:or
1222:of
1094:on
965:An
788:law
544:ESG
405:CLS
378:ACH
297:ATM
2348::
2292:.
2288:.
2262:.
2237:.
2182:.
2176:.
2140:.
1989:.
1978:^
1902:.
1869:.
1834:.
1673:G7
1526:,
1310:,
1165:,
1082:,
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