What is Offshore banking center
What is offshore banking center?
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Offshore banking center is a country whose banking system is organized in order to allow external accounts except normal economic activity of the country. Offshore banks function as branches or subsidiaries of parent bank. Primary activities of offshore banks include seeking deposits and grant loans in currencies in currency other than that of the host government.
Mr. Ross Perot, former Presidential candidate of the Reform Party, that is the third political party in the United States, had strongly protested in the creation of North American Trade Agreement (NAFTA), however, which was inaugurated in the year 1994, due to fear of
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