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list of 42-46 OFCs using a qualitative approach. In April 2007, the IMF made a revised quantitative-based list of 22 OFCs, and in June 2018, another revised quantitative-based list of eight major OFCs, who are responsible for 85% of OFC financial flows, which include Ireland, the Caribbean, Luxembourg, Singapore, Hong Kong and the Netherlands. The removal of foreign exchange and capital controls, the early driver for the creation and use of many OFCs

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