During the annual IMF and World Bank meetings in Washington this week it became clear that the Financial Stability Forum will stage a specific investigation into offshore financial centres, reporting on the subject next spring. This move was foreshadowed at the Forum's meeting in Paris two weeks ago. UK Finance Minister Gordon Brown, in Washington for the IMF meeting, welcomed the investigation. As Chairman of the IMF's International Monetary and Financial Committee, he told the Washington IMF meeting that the IMF should 'enhance its support for members' efforts in regulation of domestic financial institutions and offshore banking centres, including measures to deter money laundering'.
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