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Island responds to UK parliamentary inquiries

Friday, 29 June 2018

The Isle of Man has reaffirmed its zero-tolerance stance in respect of tax evasion and money laundering in evidence provided to two UK parliamentary inquiries. 

The written submission highlights the Island’s long-standing track record of compliance with international standards and its continued efforts to combat serious financial crime. 

Action that has been taken to enhance the Island’s regulatory regime is also outlined in response to the call for evidence in relation to the Treasury Sub-Committee inquiry on tax avoidance and evasion and the Treasury Select Committee inquiry on economic crime

The Isle of Man Government’s submission sets out the work taking place to tackle tax evasion, money laundering, corruption and the financing of terrorism. This includes increased investment into the Island’s financial intelligence and enforcement agencies. 

It also draws attention to the publication of the National Risk Assessment and the Financial Crime Strategy 2017-2020 and reviews by global bodies including the OECD as further evidence of the Island’s robust approach. 

Chief Minister Howard Quayle MHK said:

‘The Isle of Man Government is committed to defending and protecting the Island’s status as a responsible member of the global community. We will continue to engage with the UK to help ensure the debate around tax transparency and financial crime is balanced, based in fact and that that our hard-won reputation remains front and centre. The submission to the UK Treasury Committees articulates our position and our desire to be part of the solution.’  

He added:

‘We have repeatedly shown our willingness to meet evolving international standards and to demonstrate that the Island is not a place that welcomes tax avoidance or any form of financial crime. It is essential for the Isle of Man to maintain a strong oversight and regulatory regime so that we can continue to attract legitimate investors with funds and assets that are untainted by criminality.’

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