Abstract:
This article examines the role of global financial services in supporting international trade, investment, and economic growth, while highlighting the risks revealed by the Offshore Leaks investigations. It discusses key components of global finance, including international banking, benchmark interest rates, trade finance, and foreign exchange markets, emphasizing their importance in facilitating cross-border capital flows and managing financial risk. The article also analyses major reforms such as the transition from LIBOR to SOFR and the growing use of blockchain technology in trade finance to enhance transparency and efficiency. At the same time, it highlights the role of Offshore Financial Centres and the regulatory challenges they pose, particularly in relation to tax avoidance, money laundering, and financial opacity. The Offshore Leaks, Panama Papers, and Paradise Papers exposed widespread misuse of offshore structures, triggering global regulatory reforms and public debate. The article concludes that balancing innovation and efficiency with transparency, accountability, and international cooperation is essential to maintaining trust in the global financial system.
