The Isle of Man has made ‘considerable progress’ in its compliance with international standards to counter money laundering and terrorist financing, a European review body has confirmed.
The report, published by the Council of Europe’s MONEYVAL watchdog, concludes the island has made ‘considerable progress’ in addressing issues identified in the International Monetary’s Fund’s assessment of the island in 2009.
It includes compliance with the global Financial Action Task Force recommendations on customer due diligence and identifying beneficial ownership.
Chief Minister Allan Bell said: ‘This is another important acknowledgement of the Isle of Man’s continuing improvement in line with international standards.’
Meanwhile, one of the island’s biggest critics has conceded when it comes to financial secrecy we are far more transparent than the UK, the US and many other countries.
The Tax Justice Network has regularly branded us a ‘tax haven’ and ‘secrecy jurisdiction’.
But its latest ‘Financial Secrecy Index’ shows the island is well down the list at number 34 behind Canada, Russia, India, Austria, UK, Germany and the USA.
Of our Crown Dependency rivals, Jersey comes in at ninth on the list and Guernsey at 15.
Top of the secrecy league is Switzerland, with the US at six and the UK at 21.
But, we’re apparently more secretive than we were in 2011 when the Tax Justice Network’s index placed us at 36 with a secrecy score of 65. This time our secrecy score has risen to 67.
Mr Bell said: ‘Our major critics concede the UK and US are far less transparent.’
