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Some offshore financial centres risk losing business amid tax haven scrutiny

Channel NewsAsia has reported that Industry players said some offshore financial centres face the risk of losing business as developed economies increase their scrutiny on jurisdictions perceived as hiding places for money.

James Benoit, CEO, Afrasia Bank, is quoted. "Centres which don't have those natural trading ties and investment flows will find it very difficult to be known as a centre of substance. There's no choice but to be more substantial, adherent to regulations and being more than just a booking centre." , he said.

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