Mr Foot, the former managing director of the FSA, published his independent review of British offshore financial centres, which looked at the future sustainability of these jurisdictions and sets out a series of standards to which they must adhere

Although he did not spell out the kind of sanctions that might be enacted, Mr Foot said the process should be similar to the gradual pressure exerted by the G20 on tax havens. . .

The 93-page report states that British offshore financial centres must ensure they meet international standards on tax information exchange, financial regulation, anti-money laundering and financing of terrorism.

Most controversially tax havens must also ensure they put public finances on a firmer footing by diversifying their tax bases, making them less vulnerable to events like the current financial crisis.

The report also said the UK government should discuss with these offshore centres 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.  29-Oct-09.

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