Anti-offshore advocates regularly make the point that jurisdictions such as the Cayman Islands are to blame for the fiscal woes of their respective governments be this in the UK, USA or elsewhere. There continue to be several weaknesses in their arguments but it has also been a more than curious observation that their advocacy efforts focused more abroad than at home.
On 6 November, 2012, after approximately $6 billion was spent by candidates and political groups, United States voters decided to keep the status quo. Barack Obama won re-election and will serve as president for another four years.
As a result of misconception, during the
first tranche of the global financial crisis, world leaders came out on
the attack against OFCs, arguing that they are inherently bad and have
to be stopped in order to protect dwindling government tax revenue.
Those who work within the industry or are familiar with the various jurisdictions know that this negative image actually bears little relation to reality.