of a level playing field
misuse of corporate vehicles
There is a genuine need to combat the abuse
of financial systems. The constant threat of terrorism
and ongoing exposure of corporate scandals show this.
action must be based on facts and fairness, not prejudice
and preferential treatment.
criminals are to be tackled effectively, international
financial regulation must operate according to
principles of a level playing field.
countries with offshore finance centres are concerned
at the behaviour of large, developed countries and
of the supranational bodies they control, such as
the Organisation for Economic
Cooperation and Development (OECD), Financial
Action Task Force (FATF), European
Union (EU) and International
Monetary Fund (IMF)
too often seek to dictate terms to non-members while
treating lightly or overlooking problems in their
member countries such as Switzerland and Luxembourg,
Hong Kong and Singapore, and Delaware and Nevada in
OECD has been particularly guilty of this as it tackles
tax practices and the misuse
of corporate entities.