Who controls operations with offshore territories?
In Russia the organizations carrying out accounts with use of offshore companies are controlled not only by tax authorities, but also by the Bank of Russia and Federal Financial Monitoring Service.
At international level the Organization for Economic Cooperation and Development plays an important role in counteraction of unfair tax competition. At the present time this organization includes 34 states which present almost all large industrially developed countries.
In addition the Financial Action Task Force on Money-Laundering (FATF) was formed at the meeting of “Big seven” in Paris in 1989.
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