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Isle of Man Government submission to Commons Treasury Committee 10 July 2008

THE Isle of Man Government has now published its submission to the inquiry into ‘Offshore Financial Centres’ being undertaken by the House of Commons Treasury Committee.

The inquiry, part of the Committee’s wider work on financial stability and transparency, includes aspects of regulation and taxation.

At the invitation of Chief Minister Tony Brown MHK, members of the Committee visited the Isle of Man on Tuesday and Wednesday this week to learn more about the Island’s position.

The Chief Minister said:

‘The Treasury Committee inquiry is a valuable opportunity to explain to an important UK parliamentary body that the Isle of Man is a responsible international finance centre, and is recognised as such by the OECD.
‘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 OECD to improve the exchange of tax information. 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.
‘The Committee has also learned that the Isle of Man, like the UK, has normal commercial confidentiality but no banking secrecy laws, and that the Island is a significant gateway to the City of London, channelling billions into the City every year.’

As the meetings came to an end, Committee Chairman, Rt Hon John McFall MP said:

‘The Committee appreciates the Chief Minister’s invitation to visit the Isle of Man and meet with Island Ministers, regulators and business representatives. The discussions we have had will be very helpful as we progress our work.’

The Chief Minister concluded:

‘The meetings with the Treasury Committee were a positive opportunity to follow up on our submission and answer any questions arising from it. I thanked the Committee for taking the time to visit us, which hopefully has enhanced their appreciation of what the Isle of Man is all about.’

The Isle of Man Government submission to the House of Commons Treasury Committee is available at www.gov.im/cso

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