IMF Report Praises Isle Of Man's Financial Regulation
A report released today by the International Monetary Fund has praised the Isle of Man’s financial regulators for their “proactive” approach in achieving the required standards demanded internationally.
The report was welcomed by the Island’s Treasury Minister Mr Allan Bell who commented: “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.”
The report confirmed that the jurisdiction has attained a high level of compliance in all major areas including banking, insurance, securities, anti-money laundering and combating the financing of terrorism.
“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,” said Mr Bell.
.
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.