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andoffs

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There are 7 letters in ANDOFFS ( A1D2F4N1O1S1 )

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Andoffs might refer to
An Offshore financial centre (OFC) is a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy. The word "offshore" does not refer to the location of the OFC (many OFCs such as Luxembourg and Hong Kong are located "onshore"), but to the fact that the largest users of the OFC are nonresident (e.g. they are "offshore"). The FSF-IMF produced a list of 42-46 OFCs in April-June 2000, and the IMF produced a revised list of 22 OFCs in April 2007, and another revised list of 8 major OFCs in June 2018, who are responsible for 85% of flows. Post the removal of currency/capital controls, taxation and/or regulatory regimes were identified as the main drivers for using OFCs. However, progress from 2000 onwards from IMF-OECD-FATF initiatives on common standards, regulatory compliance and banking transparency, has led academics to consider the activities of OFCs to be synonymous with tax havens.Research in 2013-2014 showed OFCs were responsible for harbouring 8-10% of global wealth in tax-free structures, as well as acting as hubs for U.S. multinationals, in particular, to avoid global corporate taxation through base erosion and profit shifting ("BEPS") tools (e.g. the double Irish, the dutch sandwich). A study in 2017, Conduit and Sink OFCs, split the understanding of an OFC into 24 Sink OFCs (e.g. traditional tax havens, to which a disproportionate amount of value disappears from the economic system), and 5 Conduit OFCs (e.g. modern corporate tax havens, through which a disproportionate amount of value moves toward the Sink OFCs). Sink OFCs rely on Conduit OFCs to re-route funds from high-tax locations using the BEPS tools which are encoded, and accepted, in their extensive networks of bilateral tax treaties. In June 2018, research showed that OFCs had become the dominant locations for corporate tax avoidance BEPS schemes, costing USD 200 billion in lost annual tax revenues.
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