A country whose banking system is organized to permit external accounts beyond the normal economic activity of the country is called
A)Representative country
B)Offshore banking centre
C)Onshore banking centre
D)Full service country

Question

Quizplus · Accepted Answer

An offshore banking center is a country where the banking system is set up to allow external accounts beyond the normal economic activity of the country. These types of banking centers typically have fewer regulations, lower taxes, and more confidentiality and privacy laws, making them attractive for individuals and corporations looking to optimize their financial transactions. Representative country, onshore banking center, and full-service country are not terms commonly used to describe this type of banking system.

A Country Whose Banking System Is Organized to Permit External