U.K. Treasury Report: Offshore Centers Must Up Regulation Standards

October 29th, 2009

Wall Street Journal

LONDON — The U.K.’s myriad overseas territories and crown dependencies must improve standards on financial regulation and tax information-sharing and should broaden their tax base or face possible consequences, a U.K. treasury commissioned report said Thursday.

The report also said the U.K. government should discuss with these offshore centers what its relationship and responsibilities will be to them in the future, including what financial assistance it will provide in times of crisis, and how their risks exposures will be managed.

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