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Offshore (Offshoring)
Offshore, or offshoring, refers to the practice of keeping financial assets or conducting business operations outside an individual’s or company’s home country. Typically this is done in a jurisdiction that offers more favorable tax laws, labor costs, regulatory environments, and privacy protections than in the home country.
Offshore accounts and businesses can be used for legitimate purposes, but they are also associated with hefty risks. Money laundering, tax evasion, and other illicit activities often involve offshore accounts.
Regulatory scrutiny of offshore activities helps ensure compliance with international standards and prevent financial crimes. Enhanced due diligence and understanding of regulatory compliance is essential for managing the challenges of offshore operations.
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