This a very important story in the Leave debacle. Post Brexit our financial services sector will need to further develop, because it will be dependent in part, on its ability to move dirty money through to being clean money via the network of offshores. But the EU is wise to this and this is part of the counterattack.
“The Taxe 3 inquiry marks a further threat from the EU to the UK’s network of offshore tax havens following the EU referendum. The terms of reference specifically promise that “particular attention shall be given to the crown dependencies and overseas territories”.