Isle of Man seeks to reassure authorities about its offshore tax status

Date: 11th July 2008

Financial authorities on the Isle of Man have sought to reassure the UK government that it remains a responsible international finance centre.

A report, produced in response to the inquiry into offshore financial centres currently being undertaken by the House of Commons treasury committee, sought to show that the Isle of Man maintains the highest standards as an offshore tax haven.

Chief minister Tony Brown invited members of the committee to visit earlier this week to let them learn more about the island's position.

"In our submission, and in our meetings with the committee, the Isle of Man government has been able to show that the island is at the forefront of small jurisdictions working with the Organisation for Economic Co-operation and Development to improve the exchange of tax information," Mr Brown explained.

"We have demonstrated that the Isle of Man complies with the highest international standards of financial regulation, as confirmed by the IMF, and is acknowledged by authorities in the United States and elsewhere as an active partner in combating global financial crime."

Recently, the deputy director of US anti-money laundering agency FinCen said that the Isle of Man should re-brand itself as an 'independent financial centre' rather than an offshore centre, accountancyage.com reported.