IoM Commended by FSB

by Jason Gorringe, Tax-News.com, London

07 November 2011

The Isle of Man's Chief Minister Allan Bell has welcomed the territory's inclusion amongst countries seen as strongly adhering to international standards of cooperation and information exchange in a recent assessment conducted by the Financial Stability Board (FSB).

The review of 60 juridisdictions deemed of global financial importance was commissioned by the Group of 20 nations, aimed at examining the implementation of recent international financial standards.

In its report, the FSB placed territories under three headings: 1) those demonstrating sufficiently-strong adherence to the international standards, under which the Isle of Man was included; 2) those making progress towards the standards; 3) and a small number of non-cooperative jurisdictions.

Welcoming the report, Bell said:

“The inclusion of the Isle of Man in the highest category of co-operative jurisdictions in the FSB report produced for the G20 is further recognition at global level that the island is in the top tier of responsible countries.”

“At this time of continuing economic and financial turbulence around the world the Isle of Man remains committed to playing its part in supporting international standards that promote greater financial stability.”

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