Ethics and governance in the European Financial centers

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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