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.
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