Offshore News: June 2007

02.06.2007 On May 30, 2007, Barclays Bank announced launching its retail banking services in the United Arab Emirate. The Bank wishes to reinvent retail banking in the UAE and to give customers more choice and control over their finances. It should be noted that Barclays has operated in the UAE for over 30 years. Last year, it launched an mortgage business in the UAE. Barclays Bank is expanding its operations in Dubai and Abu Dhabi with 2 offices that are alreadt operating, and a service centre that will open in June. By the end of 2007, its network will include 2 branches, 3 service centres and an ATM network.

01.06.2007 Representatives of the EU's overseas territories have agreed that they must unite in order to maintain their good reputations as international finance centres as well as to deal with international challenges. At the conference organised by the BVI International Affairs Secretariat, the members of the Overseas Countries and Territories Association (OCTA) of the EU agreed that building good centres attracted good business and was essential as far as international finance centres are key players in stabilisaing the world economy. The participants of the conference noted that different standards were still being applied to such offshore centres such as the BVI and the Cayman Islands from the standards set for such onshore centres as the USA and the UK. The participants suggested that offshore jurisdictions are often maligned as politicians perceive them as a threat. It was emphasized that that the business of international finance, whether offshore or onshore, requires obligations and responsibilities, however, there is an unequal play between small offshore territories and large onshore economies. The conference was attended by representatives from BVI, Cayman Islands, Isle of Man, Bermuda, Anguilla, Greenland, French Polynesia, Mayotte, Aruba, Montserrat, Netherlands and the Netherland Antilles, as well as by representatives from the Financial Action Task Force (FATF), the International Monetary Fund, the International Organisation of Securities Commissions (IOSCO), the Commonwealth Secretariat, the UK Foreign and Commonwealth Office and Financial Services Authority and the Netherlands Central Bank and Finance Ministry.