Offshore Financial Centers and Regulatory Competition by unknow

Author:unknow
Language: eng
Format: epub
ISBN: 667130
Publisher: AEI Press

Recent Developments

Recent news suggests that many key onshore centers are once again ratcheting up at least their rhetoric against OFCs. The Stop Tax Haven Abuse Act, originally introduced by Senators Carl Levin, Barak Obama, and others in 2007, was reintroduced in 2009.69 During his campaign for president, Obama blasted “tax havens,” stating that “there’s a building in the Cayman Islands that houses supposedly 12,000 US-based corporations. … That’s either the biggest building in the world or the biggest tax scam in the world, and we know which one it is.”70 And, in much the way many onshore countries tried to blame OFCs for the Asian financial crisis, United Kingdom prime minister Gordon Brown recently tried to shift at least some blame to OFCs for the current financial meltdown.71 French and German leaders have made similar comments, even though no offshore bank has yet failed or been implicated in an onshore bank’s failure.72 No doubt, criticism of offshore centers’ anti–money laundering efforts will also follow. It obviously makes some significant political sense for leaders whose countries are in the depth of serious financial problems to blame others. OFCs tend to be small and weak, and therefore good targets.

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