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IMF Report Released 25 November 2003

The Isle of Man Treasury Minister Allan Bell has welcomed a report from the International Monetary Fund confirming that the Island ‘complies well’ with international standards for the regulation and supervision of financial services.

The IMF study, published today (Tuesday November 25, 2003), concludes that the Isle of Man has a ‘high level of compliance’ with international standards in such areas as banking, insurance, securities, anti-money laundering and combating the financing of terrorism.

It commends ‘the proactive approach of the regulators to achieve high standards in the financial services sector.’

Action on further improvements recommended by the IMF is already under way.

Said Mr Bell:

"The report is a positive and welcome independent endorsement of the regulatory arrangements which we have in the Isle of Man. It is probably the most authoritative and comprehensive report which has ever been prepared on our regime and will therefore stand us in very good stead in attracting new business to the Island.

"This is another clean bill of health for the Isle of Man from a major global organisation. Combined with our planned move to a zero rate of income tax for companies in 2006, and our triple-A credit rating, it underlines the Island’s reputation as an internationally responsible, highly competitive and secure base for doing business."

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