10 September 2014

U4 Brief - The Creation of International Financial Centres in Africa: The Case of Kenya

International financial centres (IFCs) are jurisdictions whose laws and institutions provide optimal conditions for the financial services industry. While some of the activities they encourage may have positive effects on a country’s economy, IFCs also facilitate money laundering, tax evasion, tax avoidance, and other practices generally considered harmful. These effects have been recognised at least since 1998, when the Organisation for Economic Co-operation and Development (OECD) established an international framework to counter harmful tax competition.

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