Offshore Financial Centres

Abstract

Abstract This chapter provides an update to national, international, and international policy standard setting efforts to reform the challenges that come from OFCs in corruption investigations and prosecutions, particularly secrecy jurisdictions. The chapter considers ongoing efforts to define OFCs. The chapter also provides an update to the significant reform that was initiated by the UK and others on beneficial ownership transparency initiatives and on the growing development of beneficial ownership registers. There is also a review of the work undertaken by the FATF on anti-money laundering standards and the OECD’s leading work on tax information exchanges. The chapter also provides an overview of the key super whistle blower and financial ‘leaks’ of recent years and how they have impacted the investigation of complex corruption and money flows through OFCs and other jurisdictions.