Offshore or “International Finance Centre”
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Offshore centres are trying to change their image and perception. Some would like to not be called offshore, like the Isle of Man or Guernsey, while others interjected to the International Monetary Fund (IMF) to Integrates the Offshore Financial Center Assessment Program.
It is true that expressions like “offshore” and “tax haven” have no agreed standard definition, which is a problem. I understand why they prefer to be called “international finance centre” - the expression is a lot less tainted than “offshore”.
Why, of why?
No, it doesn’t. It simply is a result of a great PR to answer the mis-conception the offshore term has received over the past few years due to international efforts against money laundering, tax evasion and terrorist funding. Hollywood did not help either…Not that these are not serious crime, but their number pale in comparison to the number of legit investments and accounts held in “offshore” jurisdiction. Therefore, offshore centres are trying to not throw the baby out with the bathwater by changing their brand image. Pretty smart.
But does it really makes a difference?
No it doesn’t. The fact that we name something differently does not change its substance. I don’t want to go philosophical here, but a word is slightly more than the signification one gives it. Hence changing their appellation from offshore to international finance centre does not change the way your account or platform work, its benefits and restrictions.
Time will tell…
At the end of the day, this will only succeed if people stop using the term offshore to designate such centres. And this battle is far from over! Old habits are hard to get over - especially in england!!
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