This is a timely book, what with all the revelations of offshore accounts, trips to the Isle of Man and the Caymans emerging from the tribunals. With a foreword by Peter Sutherland, it sets out its stall as a serious and sober look at the sector.

As Mr Sutherland points out: "It offers a clear picture of the offshore investment market . . . and outlines the professional and well-regulated environment which exists in many locations . . ."

Mr Molloy is also at pains to point out that having an offshore account is not only legal but a necessary part of the machinery of international finance and that confusion exists in the popular imagination over the orthodoxy of such accounts.

However, this is not a book aimed at the lumpen salatariat looking to maximise their mattress money; this is squarely aimed at those with more than a few bob to spare. It is almost a manual as Molloy pilots the uninitiated exhaustively through all the various schemes on offer, ranging from unit and umbrella funds to bonds, equity funds and trusts.

It examines the relationship between offshore havens and the European Union, a relationship which has been sometimes fraught and often misconstrued in the media. Mr Molloy takes the Isle of Man as his model for best practice and takes us through the products available and the legislative framework underpinning the financial structures.

This is not a book for the fainthearted or the casual reader and while Mr Molloy writes in a thorough fashion, the subject matter does not lend itself to a racy read. This is for somebody who has a professional interest in the area or is seriously contemplating investing in one of the many vehicles on offer.

comidheach@irish-times.ie