Havens have improved, MPs told

Havens have improved, MPs told

Experts tell Treasury Select Committee that offshore financial centres have responded to pressure from the companies which operate through them.

Regulatory pressure and risk control have helped improve the governance of
offshore financial centres and the standards they maintain, a commons committee
has been told.

‘There’s an increasing awareness among the regulated community that if they
are doing business in a place which is seen to be badly regulated, that is a
poor reflection on them. It also has an implication for their own risk
management,’ said Kari Hale, Deloitte partner and former FSA chief.

The Treasury select committee is looking at the controversial issue of the
centres, and held its first hearing on Tuesday.

The panel of experts cast doubt on claims that offshore centres were
responsible for many of the ills of the global economy, saying that they have
become more specialised in recent years.

Witnesses from Deloitte, PricewaterhouseCoopers and private banks, said they
did not believe there were any good measures of global tax evasion through
offshore centres; that the securitisations banks used to parcel on sub-prime
mortgage debt were positive in many ways and had been unfairly maligned; and
that the UK’s offshore disclosure scheme had been a ‘PR success’ at the very
least.

Further Information:

Watch
the hearing on the select committee’s website

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