EM volatility was 'unexpected': Pro

Steven Englander, global head of G10 foreign exchange strategy at Citi, says that liquidity in emerging markets is "terrible" and that investors are scared that the Fed will back away from its forward guidance.

"In the medium or longer term we see that the role in this respect may reduce," he told a news conference.

"Governments are looking into the situation and trying to tighten up their regulatory framework both at the national and international level."

The main casualty of such regulation was likely to be big companies' treasury flows, he said, adding that UNCTAD was working on a study to show how big the impact would be.

The continued flows to the British Virgin Islands, which UNCTAD has previously referred to as a tax haven, is likely to keep it under the microscope of the Group of 20 leading economies, which has said it wants to put pressure on "non-cooperative jurisdictions".

The G20 has asked the Organization for Economic Co-operation and Development to lead efforts on curbing international tax evasion and avoidance, and the OECD's tax transparency forum has named the British Virgin Islands as one of five countries that failed to meet international standards on tax transparency.

(Read more: Income tax at 50%: Coming soon to the UK?)

Each of the five either failed to share taxpayer information with other countries or to gather information on beneficial ownership of corporate entities registered on their territory, or both.

The OECD has said big international companies, banks and agencies may think twice about investing through these jurisdictions.

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British Virgin Islands sees high investment