A Brief Overview ofthe Offshore Banking and Financial Crimes Within the Banking System

ABSTRACT:Offshore banking topic is infrequently explained by academicians and scholars in theirresearches and written articles. Offshore banks do not exist in all countries, unlike the conventional one. Hence,information regardingthe offshore banking system is limited.Offshore banks collect and distribute large amountof money in international financial system. This bank type has negative perception among world societies,mainly after 9/11 incident in New York. This bank was accused as the bank that facilitating terrorists with itsmoney to perform their terrorism act, crashing WTC building with their hijacked airplane.This article aims toacquaint offshore banking basic concept to public, particularly to this article’s readers. As the writer found thatthere is still lack of journal articles discussing this bank type, I intend to enrich its literatures and references.This article is expected to be useful for those who want to understand offshore banking in brief explanation andfinancial crime within the banking system.

KEYWORDS:Offshore Banking, Offshore Financial Center, Bank Secrecy, Tax Haven