The Western Hemisphere Department of the International Monetary Fund (IMF) has released a Working Paper on *”Caribbean Offshore Financial Centres: Past, Present, and Possibilities for the Future”.*

The 34-page document reviews the development of offshore financial activities in the English-speaking Caribbean, and takes stock of the size and status of these sectors today. According to the authors, the costs and risks to countries of having offshore sectors have risen considerably in view of the heightened concerns of the international community about money laundering.

These authors include the Senior Economist in the Caribbean I Division; Economist in the Mexico/Latin Caribbean Division (Western Hemisphere Department); and Economist in Division 8, Asia and Pacific Department.

Topics covered include:

– Establishment of Offshore Financial Centres in the Caribbean

– International Concerns About OFCs

– Structure and Benefits of the Caribbean OFCs

Although authorised for distribution, the Working Paper (see pdf attachment) is said to express the views of the authors, and do not necessarily represent those of the IMF or IMF policy. IMF Working Papers generally describe research in progress and are published to elicit comments and to further debate.