Offshore Secrecy Law: Confidentiality and Transparency Respecting Offshore Legal Entities

There is a common perception by developed countries that individuals and corporations utilizing offshore services are hiding behind a wall of secrecy that facilitates tax avoidance, money laundering, and the financing of terrorism, and, as well, that large amounts of funds by citizens and residents of developed economies are stashed away in offshore bank accounts, so there is a great need for more transparency respecting all offshore operations. Various offshore services provide a degree of secrecy or a high level of confidentiality through the use of corporations, trusts, foundations, and banks. The use of such services for diverse legal reasons, on the one hand, and the onshore need for more transparency on the other hand, has set up a conflict between these legitimate interests. The enactment of laws by developed countries - to combat money laundering, the financing of terrorism, and other criminal activities - has marked the beginning in the piercing of the so-called wall of secrecy that is a common feature of virtually all Offshore Financial Centers (OFCs). Most OFCs have opened their secrecy provisions, particularly where fraud, criminal, or tax evasion activities are established. This book examines the conflicts between secrecy and transparency, and it should serve as a useful tool for onshore individuals and corporations, as well as their advisors and service providers, in considering the use of offshore corporations, trusts, foundations, or banks, and in understanding the current legal and regulatory environment that governs such offshore entities. The book will also enhance the considerations that should be made in selecting an appropriate offshore jurisdiction. Through the coverage in various countries of different rules relative to the transparency/confidentiality of information, applicable to corporations, trusts, foundations and banks, this book will benefit the users of offshore structures and services, as well as their advisers. It is a detailed study of the following 20 offshore jurisdictions: the Bahamas * Belize * the British Virgin Islands * the Cayman Islands * Panama * Guernsey * Jersey * the Isle of Man * Switzerland * Liechtenstein * Luxembourg * Cyprus * Malta * the Cook Islands * Mauritius * Seychelles * Dubai * Labuan Malaysia * Hong Kong * Singapore.