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.

New Group: Offshore Legal Circle Mon, Sep 21, 2009