Offshore Marine Botswana. Numbered accounts

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Britain, Latvia and Uruguay can be defined as offshore financial centers (OFCs), according to a study published by economist at the International Monetary Fund (IMF), Ahmed Zoromom.

According to the researcher, the current definition of OFC did not adequately reflect their inner essence - to provide financial services to non-residents, exports of financial services. The peculiarity of OFCs, according to Zoroma, is to provide financial services on a scale far greater than the demand and the size of their economies. In this regard, he proposed a new definition of OFC: «offshore financial center - the country or jurisdiction that provides financial services to non-residents on a scale much larger than its own economy». Valuable feature of the study is that it offers statistical methods for distinguishing between the OFC and non-OFCs based strictly on the macroeconomic indicators. This avoids subjective judgments based on financial performance characteristics of their jurisdictions and laws. The study shows that the indicator corresponds to the status of OFC may be the ratio of net exports of financial services to the level of GNP of the country or jurisdiction.