offshore

(redirected from Off-Shore Banking)
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Related to Off-Shore Banking: Universal Banking, International banking

offshore

a term used to describe vehicles or institutions based in, or regulated by, the laws of a jurisdiction that either has no tax or low tax for non-locals and that specializes in providing services of a financial or legal nature to persons and businesses ‘onshore’, that is to say, in high-tax jurisdictions. While many such jurisdictions are based on islands, which has brought about the terminology in a literal sense, the littoral location of the investment is irrelevant.
References in periodicals archive ?
The decision marks a policy shift for the Emirates, which had, as recently as three years ago, planned to favour development of an off-shore banking sector.
Major crimes - drug-smuggling, murder, off-shore banking for crooks
Insiders say Phillip Charles Brown - once selected as vicechairman of the Cynon Valley Constituency Labour Party - duped some out of their savings by allegedly claiming a politician had given him a lucrative tip-off about off-shore banking.
The CBB terms as wholesale banks Bahrain's off-shore banking sector that caters to channelling the region's oil money, in particular from neighbouring Saudi Arabia, into investments in the West and in the region.
It seems that these days the US sees targetting terrorists funding as an effective weapon in this war and, at last, real pressure might be exerted on the world's off-shore banking centres to clean up their acts.
From time to time he examines US policy in this regard, and in one highly critical chapter he addresses some of the failings of President Clinton's administration with regard to the sovereign debt of developing nations, off-shore banking transparency and regional trading agreements.
He joined Mercantile Bank in 1999 and worked at Foreign Trade, Remittance, Treasury, Anti-Money Laundering and CFT, Off-shore Banking Unit and Head of Branch in Mercantile Bank.