The term ‘tax haven’ applies to a small, low-tax jurisdiction specializing in providing corporate and commercial services to non-resident offshore companies, and for the investment of offshore funds, together with connotations of financial secrecy and tax avoidance. Despite the use of the acronym THOFC, a tax haven is not the same as an offshore financial centre, since many of the latter have no statutory banking secrecy (‘FACTBOX-Status of bank secrecy protection in Europe’, Reuters, 11 August 2009) and most of which have adopted tax information exchange protocols to allow foreign countries to investigate suspected tax evasion (OECD Report, 2 April 2009).