Cayman Is Site of First Meeting of UN Offshore Forum (IF)

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Monday, May 1, 2000
Bruce Zagaris
On March 30, 2000, the Government of the Cayman Islands hosted the first plenary of the United Nations Offshore Forum, as part of a three-year initiative of the UN’s Office for Drug Control and Crime Prevention (ODCCP) to combat offshore crime. The Forum’s goal is to ensure that each offshore jurisdiction regulates and supervises the facilities on its territory to an internationally-accepted level. According to Pino Arlacchi, executive director of the ODCCP, legitimate reasons exist for offshore financial centers and many of them operate effectively and fully within both national laws and internationally-accepted standards. However, Arlacchi explained that the nature of the centers also make them vulnerable to criminals who are seeking tools such as shell companies and trust to hide the true ownership of criminal proceeds…[more]