Offshore finance continues to thrive despite global crackdowns and regulatory pressure
By
The Economist
4d ago· 1 min readenInsight
65/100
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Summary
Despite post-2008 financial crisis crackdowns like FATCA (2010) and G20 pressure on tax havens, offshore finance continues to thrive. The article examines why these havens persist, suggesting there is more to them than just secrecy and attractive locations.
Key quotes
· 3 pulledSINCE THE global financial crisis of 2007-09 the days of offshore finance have regularly looked numbered.
In 2010 America passed the Foreign Account Tax Compliance Act (FATCA), which required foreign financial firms to disclose the assets of Americans.
A year later Nicolas Sarkozy—who led both France and the G20 at the time—boldly declared that tax havens would face global ostracism.
There is a lot more to havens than crystal-clear waters and a promise of opacity
