The world abounds with distrust and problems that are
threatening globalisation and economies – arising from (among
other things) the war in Ukraine, COVID-19, climate change,
terrorism, corruption and disinformation spread through social
media. Many governments' coffers have been considerably
depleted by the impact of these crises and attempts to address
them.
In the meantime, many individuals and families with significant
wealth have seen their fortunes grow considerably despite these
crises. In this environment, misassumptions may readily run rife.
So called 'offshore financial services centres' are often
targeted by the media, civil society bodies and international
bodies such as the OECD and the EU as being part of the problem:
believed to be depriving governments of tax revenue that
governments may properly apply for wider parts of society, hiding
funds that have been laundered or intend to be used by
terrorists.