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Offshore centres facing clampdown

Offshore financial centres are facing the prospect of sanctions unless they comply with minimum standards for regulation, transparency and co-operation with other jurisdictions according to the Financial Times.


The move is being spearheaded by the Financial Stability Forum, a body set up this year, bringing together finance ministries, central banks and financial supervisors.


The forum is currently working on a set of standards covering areas such as quality of regulation and exchange of information.


Those offshore havens falling foul of the criteria set by the forum face a number of penalties ranging from naming and shaming to financial sanctions.


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