Association of the Overseas Countries and Territories of the European Union
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Financial services
A number of OCTs have specialised in services in order to compete in the world economy, with success stories in the world of luxury tourism, real estate, shipping registry and financial services.
With regards to financial services, OCTs strongly stress their continuing willingness to subscribe to international regulatory standards, and their eagerness to be involved in their formulation, particularly where such standards are necessary for deterring tax fraud, money laundering, terrorism activities and other criminal practices. The Overseas Association Decision (OAD) contains explicit provisions on financial services, a sign that the European Union is willing to shape the global regulatory landscape for the industry by creating a global financial system which is more stable, trustworthy and transparent.
Also, the recognition of the value of financial services for OCTs economies and world trade is one of the quests of the OCT Association towards the European Commission.