Offshore Banking

CHAPTER 1 1.0 INTRODUCTION 1.1 BACKGROUND OF THE STUDY The word shoreward is used to describe handicraft carried out between hostileers in foreign-denominated currency and operates from a revenue haven (Hammett, 2001:203). This basically implies that an offshore cashbox has to be foreign or at least foreign in disposition or operation. This means that, like the several offshore hopes in Switzerland, they do not necessary have to be in a foreign land (or an island) but necessary has to motivate as if (Ganson, 2007). This may include the operations of the local offshore bank in foreign currency; existence unloose from local banks constrictions - Less restrictive legal regulation-; being a tax haven for investors; add up bank secrecy -or bank private- (which is a legal principle under which banks are allowed to cling to personal information about their customers, through the use of numbered bank accounts or otherwise), just to mention a few. This is quite a refreshing piece of banking. As people who are being pursued just for political reasons can get a breather with a place to bank in total secrecy without being subjected to persecutions [as was in the case of the Nazi political science against bank accounts of Jews and other enemies of the German state held in Switzerland (McCreery, 2007)].

Because of great privacy with offshore banking, people with special needs that are outside the general retail bankings scope are catered for through private banking (Casu et al, 2006) that are offered by offshore banks, the offshore banks on the other hand has a capacity to commit large foreign deposits which are non-inflationary by in pattern as they could be sterilized (Lipsey and Chrystal, 2005) and can be accessed by locals to expand the economy of the banks home commonwealth as it happens elsewhere (e.g. Cayman Islands, San Marino and Switzerland). This makes it indeed refreshing. In think of this, Ghana in the wake of pursuing its long wanted dream, quietly took its first major steps... If you want to get a full essay, order it on our website: Ordercustompaper.com

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