Britain Announces A Review of the Operations of the Offshore Financial Centers

On September 20, 1999, the British Government announced that it will conduct a review by independent analysts of the operations of offshore financial centers in its Caribbean dependent territories and Bermuda. According to a media report, the decision to commission a report responds to expressions of concern by several of the territories’ administrations about the impact of the new regulations imposed by the British Government, and the “damaging attack” by other industrialized countries (e.g., such as the OECD Harmful Tax Competition initiative).