New Group: Offshore Legal Circle
The offshore legal circle refers to a number of law firms practicing in offshore jurisdictions. The term paraphrases "Offshore Magic Circle" which was adopted as an imitation of the more well-recognised London Magic Circle law firms.
The IMF considers the following to be characteristics of an Offshore Financial Centre:
* Jurisdictions that have relatively large numbers of financial institutions engaged primarily in business with non-residents;
* Financial systems with external assets and liabilities out of proportion to domestic financial intermediation designed to finance domestic economies; and
* Centres which provide some or all of the following services: low or zero taxation; moderate or light financial regulation; banking secrecy and anonymity.
The group encourages discussion of legal developments related to international jurisdictions.
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