Chief Minister Howard Quayle MHK is welcoming the opportunity to further strengthen the Isle of Man’s relations with Westminster by hosting Dame Margaret Hodge MP and Andrew Mitchell MP in the Island on Monday (18 June 2018).
Mr Quayle, together with a wider delegation, will be engaging in constructive dialogue with the MPs and says the visit will enable him to promote awareness of the Island’s constitutional position and diverse economy, as well as listen to their views.
Dame Margaret and Mr Mitchell have accepted an invitation from the Isle of Man Government to meet the Council of Ministers, senior officers and members of the Island’s business community.
They will be provided with an overview of how the Isle of Man serves as a responsible member of the global community and the Island’s track record of compliance with international standards to combat tax evasion, money laundering, corruption and the financing of terrorism.
The visiting MPs will also gain an insight into the work that is carried out by the Island’s regulators and financial intelligence and enforcement agencies.
Dame Margaret chairs the All Party Parliamentary Group on Responsible Tax, while Mr Mitchell sits as vice chair. The two MPs will also be visiting the Crown Dependencies of Jersey and Guernsey in the coming months.
The Chief Minister said:
‘I am pleased that Dame Margaret and Mr Mitchell are taking up our invitation to visit the Isle of Man. I hope the meetings and discussions provide them with a greater understanding of the Island and our position on areas of mutual interest and on areas of significant importance.
‘I believe this visit is an opportunity to demonstrate that we are an Island that takes its international responsibilities very seriously. Just like the UK, the Isle of Man is committed to combatting financial crime across the world.’
In recent years the Isle of Man has enhanced its framework in the following ways:
- Increased investment into the Financial Intelligence Unit
- The recruitment of high quality individuals in regulation and law enforcement
- Adherence to international standards (FATF, OECD and G20)
The Chief Minister added:
‘The Isle of Man is not a place that welcomes tax avoidance or money laundering in any way. We have robust systems in place that allow us to fully cooperate in the exchange of information with law enforcement and tax authorities. This allows us to share beneficial ownership information with relevant authorities within 24 hours of them requesting it, making ours one of the most efficient and effective cooperation processes globally.’
‘I hope Monday’s meetings will be useful for all the participants.’