From Comment

International Financial Centres - Be Careful What You Wish For

If, as some would wish, the International Financial Centres that some still refer to as ‘tax havens’ simply ceased to exist, what would happen? The global economy might not grind to a halt but the criminal activity that certain parties still accuse the small centres of, may actually get worse. Corruption and money laundering would increase not decrease. It is the better small centres that now have the tightest controls, whilst scandal after scandal plagues banks in larger centres (one only has to look at Danske Bank or the central London property market for evidence of this). Furthermore, international trade would become less efficient and therefore more costly. Competition would lessen.  For those who continue their misguided attacks on the small centres, be careful what you wish for.

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