Introduction

The global village is a reality. For the ‘Offshore’ environment, this means, on the one hand, that, if it is to optimise its value, ‘Offshore’ must be acknowledged as an integral part of the global economy, and, on the other hand, it must demonstrate that its standards are at least equal to those applied elsewhere in the global financial environment.

That said, nearly every attribute of an ‘Offshore Finance Centre’ exemplifies the fact that the same attributes that have contributed to making the ‘Offshore’ environment so conducive for international business, also represent its Achilles' heel in the here and now. Accordingly, the ‘Offshore’ environment must decide which course it is going to follow – continuous improvement or gradual decline. Expressed in this way, there is no real decision to be made – except that, if ‘Offshore’ is to continue to exist, ways and means must be found to accommodate all those who want to use its services legitimately. Logically, this means also that ways and means must be found to prevent those who want to use ‘Offshore’ for illegitimate purposes.

A glimpse of the future

By way of context, it has been estimated that the world's population is increasing by around 90 million persons per year – many of whom are born in China.