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Pressure has been growing on offshore centres to swap information.
Other offshore centres must also attempt to square this circle.
"We are not tax havens as such, we are offshore centres.
Britain should force its offshore centres to be more transparent or "let them go".
That said, the routing of this money through offshore centres makes it very difficult to track.
The industry is adept at playing small offshore centres off against each other.
But the Asian offshore centres do not need help from Europe.
International bureaucrats worry that offshore centres are distorting the financial system on a threatening scale.
Every major music retailer now sells CDs and DVDs online using offshore centres because of the VAT loophole.
Governments and media in the west, said Mr Malcolm, were painting a picture of offshore centres as "lawless, unregulated, undisciplined".
For people who are more interested investing than gardening during retirement, offshore centres are an enticing prospect.
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