Where Currents Meet: The Offshore Interface Between Corruption, Offshore Finance Centres and Economic Development
Abstract
Summary The connections between economic development, corruption and the increasingly globalized financial system are not yet fully understood. In this article we examine tax havens and Offshore Finance Centres (OFCs) which form an interface between developed countries and LDCs. The central argument is that the existence of these financial channels facilitates and can even encourage onshore corruption. The combination of new technology with strict bank secrecy in the ‘private banking’ offshore networks of major banks allows rapid and non?transparent international flows of funds, creating an increasing synergy between the offshore interface, globalization and onshore corruption.
Citation
Hampton, M., P. (1996) Where Currents Meet: The Offshore Interface Between Corruption, Offshore Finance Centres and Economic Development. IDS Bulletin 27(2): 78-87DOI
10.1111/j.1759-5436.1996.mp27002011.xIs part of series
IDS Bulletin Vol. 27 Nos. 2Rights holder
© 1996 Institue of Development StudiesCollections
- Volume 27, Issue 2 [11]