Influence Of Fraud On Offshore Tax Havens

Many of the established International Offshore Financial Centers (“IOFCs”) have experienced considerable growth over the past 15 years, but a few have suffered major set-backs arising from scandals relating to fraud or drug offences. Such events reinforced the pressure from international bodies and national taxation authorities for better regulation of international services in order to prevent illicit activities in IOFCs.

The following questions have been addressed in this article:

Are offshore tax havens the fraud capitals of the world?
To what extent are offshore tax havens influenced by fraud?
Do tax havens try to prevent fraudulent activity?
Is this cooperation always voluntary?
Is there a solution?


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