EXPLORING THE OFFSHORE INTERFACE

The connections between economic development, corruption, and the incr easingly globalised financial system are not yet fully understood. Thi s article examines the offshore interface - tax havens and offshore fi nance centres - that lies between the developed countries and Less Dev eloped Countries (LDCs), part of the international financial system wh ere legitimacy meets corruption. The central argument is that the exis tence of the offshore interface facilitates and can even encourage ons hore corruption. New technology, in combination with strict bank secre cy in the ''private banking'' offshore networks of major banks, allows rapid international flows of funds, illustrating an increasing synerg y between the offshore interface, globalisation and onshore corruption .