Are offshore financial centres receiving more than their fair share of attention? According to Peter Har-wood, head of Ozannes’ corporate department in Guernsey, most certainly. “The offshore centres have been under the cosh now for a number of years,” he told the recent Legal Week breakfast roundtable on Offshore Financial Centres (OFCs) in the 21st century. “There has been a constant stream of international auditors coming to the islands to look at us.”
The roundtable, held in association with Ozannes and chaired by Harwood, met on 14 October to consider the position of the offshore financial centres in a changing world. With many governments and NGOs keen to crack down on criminal financing in the wake of 9/11 and on commercial wrongdoing following the Enron scandal, the financial regulation of the OFCs has become an increasingly pressing issue.
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