When the British Prime Minister, Gordon Brown, visited the United States in March of this year and addressed Congress, he said: “And you are also restructuring your banks. So are we. But how much safer would everybody’s savings be if the whole world finally came together to outlaw shadow banking systems and offshore tax havens?”
These words were a passing recognition of the role that offshore financial centers have played in the present global economic crisis. Up until now it has been too easy for wealthy companies and individuals to take millions of pounds, dollars, euros or any other currency made in one country and deposit them without any questions being asked in a tax haven where there is little scrutiny or regulation.
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