The world's offshore centres, currently suffering a global tax crackdown, have escaped censure by Lord Adair Turner, chairman of the UK's Financial Services Authority, in his review of banking regulation, published today.

Turner said: "It is important to reorganised the role of offshore financial centres was not central in the origins of the current crisis." He said structured vehicles used by banks to own sub-prime debt were registered offshore, but he conceded regulators could have taken action to pull them onshore.