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There has been agreement among representatives of the EUs overseas territories that they must work more closely to maintain the good reputations of international finance centres.
This follows the Outlook for Financial Services Regulation Conference which recently took place in the British Virgin Islands.
Members of the Overseas Countries and Territories Association of the European Union concluded that international finance centres and offshore banking play a crucial role in the stabilisation of the world economy - and that it was imperative the reputation of such centres was maintained.
However, during the conference it was claimed that a "level playing field" still does not exist in this area of international finance.
It was emphasised that different standards were still being applied to offshore centres such as the Cayman Islands than those applied to "onshore" financial centres such as the US and the UK.
The offshore centres involved maintained that in operations such as offshore banking they were sometimes more compliant with international regulatory standards than onshore centres - but that they often did not get the recognition they deserved.
Certain recent reports examining the dealings of offshore financial centres seem to back up these claims.
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