Offshore banks warned over controls

UK - Offshore financial centres, which include the Channel Islands and the Isle of Man, face a "bleak future" unless they improve anti-money laundering controls in the wake of the terrorist attacks in the US, Britain's main financial regulator warned yesterday.

Sir Howard Davies, chairman of the Financial Services Authority, said leading industrialised nations were concerned by "dangerous gaps in the world's defences against financial crime and financial instability". And he added: "Offshore

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