a third type of financial centre, and listed them in order of importance: International Financial Centre ("IFC"), Regional Financial Centres ("RFC") and Offshore Financial Centres ("OFC"); and gave a definition of an OFC: The June 2000 IMF paper then listed three major attributes of offshore financial centres: A subsequent April 2007 IMF on OFCs, established a quantitative approach to defining OFCs which the paper stated was captured by the following definition: The April 2007 IMF paper used a quantitative proxy text for the above definition: More specifically, it can be considered that the ratio of net financial services exports to GDP could be an indicator of the OFC status of a country or jurisdiction. This approach produced a revised list of 22 OFCs,; however, the list had a strong correlation with the original list of 46 OFCs from the IMF's June 2000 paper. The revised list was much shorter than the original IMF list as it only focused on OFCs where the national economic accounts produced breakdowns of net financial services exports data. By September 2007, the definition of an OFC from the most cited academic paper on OFCs, showed a strong correlation with the FSF–IMF definitions of an OFC: Link to tax havens The common FSF–IMF–Academic definition of an OFC focused on the outcome of non-resident activity in a location (e.g. financial flows that are disproportionate to the local economy), and not on the reason that non-residents decide to conduct financial activity in a location. However, since the early academic papers into OFCs in the late 1970s, and the FSF-IMF investigations, it has been consistently noted that tax planning is only one of many drivers of OFC activity. Others include deal structuring and asset holding in a neutral jurisdiction with laws based on English common law, favourable/tailored regulation (eg investment funds), or regulatory arbitrage, such as in OFCs like Liberia, that focus on shipping. In April–June 2000, when the FSF–IMF produced lists of OFCs, activist groups highlighted the similarity with their tax haven lists. Large projects were carried out by the IMF and the OECD from 2000 onwards, on improving data transparency and compliance with international standards and regulations, in jurisdictions that had been labeled OFCs and/or tax havens by the IMF–OECD. The reduction in banking secrecy, was partially credited to these projects as well as global advances in combatting illicit finance flows, and Anti-Money Laundering legislation and regulations.