Non-accountability of offshore banks

Other Names:
Evasion of financial regulations by banks in tax havens
Unregulated banks

Banks which set up their head offices in tax havens or in countries where regulation is inadequate are coming increasingly under scrutiny. Whilst they operate legally and currently without suffering adverse consequences, the global banking sector is concerned that they should provide minimum adequate information to ensure they meet adequate regulatory standards.


The collapse of the Bank of Credit and Commerce International (BCCI) in 1991 following charges of widespread fraud, froze some $20 billion in deposits in 69 countries.

Swiss banks handle one-third of global offshore private banking, which is estimated to contribute to half of their profits.

Related UN Sustainable Development Goals:
GOAL 8: Decent Work and Economic GrowthGOAL 12: Responsible Consumption and ProductionGOAL 14: Life Below Water
Problem Type:
E: Emanations of other problems
Date of last update
04.10.2020 – 22:48 CEST