Financial Regulation, Taxation and Economic Management in British Offshore Finance Centres: Critical Reflections on the Foot Review

Abstract

The Foot Review of nine offshore jurisdictions falling under the aegis of UK sovereignty establishes a broad blueprint for their future development of financial regulation, taxation and economic management arrangements. This article outlines and critically evaluates Foot's principal recommendations. It concludes that the Review is tepid in tone and limited in content, neglecting or glossing over fundamental issues in the offshore domain, and that its most beneficial effects are likely to be in the field of economic crisis management.