3 ms·
> the banking sector in the City of London There’s no difference in regulations in or outside the city > their institutions that isn’t there with some bank in
by peteretep 5y ago
> the banking sector in the City of London
There’s no difference in regulations in or outside the city
> their institutions that isn’t there with some bank in a random backwater
It’s the exact same banks. Here’s a list for Jersey although the same is true for most Crown-controlled tax havens: https://en.m.wikipedia.org/wiki/List_of_banks_in_Jersey https://en.m.wikipedia.org/wiki/List_of_banks_in_Jersey
- ayngg 5y agoBy random backwater I meant some random place that wasn't involved with the major colonial powers during that period. The reason most of the offshore tax havens are what they are is because they were remnants of colonial empire that could be exploited. I think the path dependency is what made the City of London the hub, and their trust system is how non citizens were able to access their financial system and those in their territories as well. I'm sure now there are ways to access services in these places directly now, but historically, the majority of the infrastructure dedicated to this stuff in these places was built out from England.