Offshore: A clean bill of health
Trawl through 90 pages of the Foot Report - an economic health check of British offshore financial centres delivered to HM Treasury last October - and you'll get a mixed impression. The three crown dependencies (Jersey, Guernsey and the Isle of Man) fare pretty well. But among the six overseas territories (Anguilla, Bermuda, British Virgin Islands (BVI), Cayman Islands, Gibraltar, Turks and Caicos Islands) a more nuanced picture emerges, with Foot concluding that some jurisdictions need action on transparency, regulation, fiscal management and tackling financial crime: "Meeting international standards... is an absolute must if the (offshore) jurisdictions wish to continue to hold themselves out as internationally active financial centres."
Lawyers are keen to defend their territory after the Foot Report painted a mixed picture of offshore jurisdictions. Dominic Carman reviews how firms have responded to a hard year
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