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Cayman

February 26, 2009

Offshore centres around the world are being vilified by the OECD and the EU, but what are the facts?

In October 2008, the Organisation for Economic Cooperation and Development (OECD) renewed its campaign against offshore financial centres before, in November, the European Commission announced plans to extend its savings tax directive.

Although some offshore centres have adopted a wait and see attitude to these developments, others have already expressed anger at the potential threat to their financial services industries. Cayman and Switzerland have been among the most vocal.

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