Introduction -- 1 Offshore Finance and Onshore Markets: Racing to the Bottom, or Moving toward Efficient? -- The Critics and the Supporters of Offshore Competition -- Modern Offshore Finance -- A Review of the Controversy -- Offshore Finance Benefits Onshore Regulatory Regimes and Investors -- Public Choice: Sources of Opposition to Regulatory Competition -- Conclusion -- 2 The Legitimacy of the Offshore Financial Sector: A Legal Perspective -- The Context of Offshore Legal Rules -- Tax Issues -- Confidentiality -- Offshore Trusts -- Conflict of Laws -- Copycat Support -- Conclusion -- 3 Regulating Tax Competition in Offshore Financial Centers -- International Income Taxation -- Defining Tax Competition -- Arguments for Regulating OFC Tax Competition -- Arguments against Regulating OFC Tax Competition -- Regulating International Tax Competition -- Directions for the Future -- 4 The International Monetary Fund and the Regulation of Offshore Centers -- The International Monetary Fund and Harmful Tax Practices -- The IMF and Prudential Supervision -- The IMF and Money Laundering and Terrorism Financing -- Recent Developments -- Some Conclusions -- 5 The Role of Offshore Financial Centers in Regulatory Competition -- For What Do Jurisdictions Compete? -- Competition among Jurisdictions -- The Rise of Competition and the Role of Offshore Jurisdictions -- The Impact of Regulatory Competition -- Conclusion -- Notes -- About the Authors.