IMF To Delay Isle Of Man Visit

by Robert Lee, Tax-News.com, London

15 October 2002

It emerged this week that the International Monetary Fund's forthcoming visit to the Isle of Man to assess the jurisdiction's regulatory regime will now be delayed until October 21, and will span just nine days.

Speaking to the Isle of Man Online news service this week, Treasury Minister, Allan Bell explained that: 'The reason for the delay is primarily because the preliminary submissions and information which the Treasury has provided have sufficiently impressed them that they do not feel they have to spend the same amount of time here as they were planning to.'

According to Mr Bell: 'They [the IMF delegation] are coming to scrutinise a number of regulatory and supervisory issues, but in particular relating to our work against money laundering and the funding of terrorism. They will be focusing very much on the Financial Supervision Commission and Insurance and Pensions Authority during the visit and will also be meeting representatives of the private secor. They will choose who they speak to.'

The Manx Treasury Minister warned that the IMF investigation of the finance sector is likely to be 'very rigorous', but told the IoM Online that: 'We are very confident that in most areas the Island has a very robust regime of regulation and control which will match the IMF requirements.'

The 10-strong IMF delegation has already visited Jersey, and will be moving on to Guernsey when its assessment of the Isle of Man has been concluded.

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