The Curious Source of U.K. Competitiveness
Why does the U.K. keep aiding and abetting tax cheats?
Credit: Gunnar Pippel - Shutterstock
1. Great Britain has many money laundering centers and tax havens in its legal remit.
2. These include (among many others) the Channel Islands, Gibraltar, the Cayman Islands and the British Virgin Islands.
3. Each offshore financial center is under effective British control.
4. All but Gibraltar remain technically outside the European Union.
5. This means that Great Britain has offshore banking options that can escape European regulation.
From With Swipe at UK, Austria Defends Bank Secrecy (International Herald Tribune)
