Principles of a level playing field

Harmful tax practices

The misuse of corporate vehicles

There is a genuine need to combat the abuse of financial systems. The constant threat of terrorism and ongoing exposure of corporate scandals show this.

But action must be based on facts and fairness, not prejudice and preferential treatment.

If criminals are to be tackled effectively, international financial regulation must operate according to the principles of a level playing field.

Small countries with offshore finance centres are concerned at the behaviour of large, developed countries and of the supranational bodies they control, such as the Organisation for Economic Cooperation and Development (OECD), Financial Action Task Force (FATF), European Union (EU) and International Monetary Fund (IMF)

These too often seek to dictate terms to non-members while treating lightly or overlooking problems in their member countries such as Switzerland and Luxembourg, Hong Kong and Singapore, and Delaware and Nevada in the USA.

The OECD has been particularly guilty of this as it tackles harmful tax practices and the misuse of corporate entities.