in US and EU IFCs, in Q1 2015, Apple executed the largest BEPS transaction in history, moving US$300 billion in intellectual property ("IP") assets to Ireland, an IMF OFC, to use the Irish "Green Jersey" BEPS tool (see "Leprechaun economics"). In August 2016, the EU Commission levied the largest tax fine in history, at US$13 billion, against Apple in Ireland for abuse of the double Irish BEPS tool from 2004 to 2014. In January 2017, the OECD estimated that BEPS tools, mostly located in OFCs, were responsible for US$100 to 240 billion in annual tax avoidance. However, it is notable that developing countries often suffer from kleptocracy and serious corruption regarding national wealth, and BEPS is very much a secondary concern. In June 2018, Gabriel Zucman (et alia) produced a report stating that OFC corporate BEPs tools were responsible for over US$200 billion in annual corporate tax losses, and produced the a table (see below) of the largest BEPS locations in the world, which showed how synonymous the largest tax havens, the largest Conduit and Sink OFCs, and the largest of OFCs had become. In June 2018, another joint-IMF study showed that 8 pass-through economies, namely, the Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singapore; host more than 85 per cent of the world's investment in special purpose entities. It is important that these entities are tax neutral because any taxation at the OFC entity would have an equivalent reduction in the home or investor countries. (*) One of the largest 10 tax havens by James R. Hines Jr. in 2010 (the Hines 2010 List). (†) Identified as one of the 5 Conduits (Ireland, Singapore, Switzerland, the Netherlands, and the United Kingdom), by CORPNET in 2017. (‡) Identified as one of the largest 5 Sinks (British Virgin Islands, Luxemburg, Hong Kong, Jersey, Bermuda), by CORPNET in 2017. (Δ) Identified on the of 22 OFCs (note the IMF could not get sufficient data on The British Virgin Islands in 2007 for its study but did list the Cayman Islands). (⹋) Identified on the of 8 major OFCs, or pass through economies (note the Caribbean contains the British Virgin Islands and the Cayman Islands). Finance services Shadow banking Research into OFCs highlighted shadow banking as an original service of OFCs. Shadow banking enabled pools of offshore capital, mostly dollars, that had escaped capital controls