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Saturday, July 1, 2000
Volume:
16
Issue:
7
808
Abstract:
On April 5, 2000, the Financial Stability Forum (FSF) published a list ranking 25 leading offshore financial centers (OFCs) according to their levels of compliance with international standards of supervision and transparency. The publication was met with strong criticism by Owen Arthur, the Prime Minister of Barbados.
In April 1999, the FSF asked a working group to report on the implications of OFCs for global financial stability and make recommendations to address any concerns identified. In March 2000, the Working Group on OFCs finished its work. On March 26, 2000, the FSF endorsed the report and released it on April 5…[more]