This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
  • Delicious




Isle of Man Praised by UK Govt for Reponse to Edwards Report

Isle of Man Treasury Press Release

27 March 2000

ISLE OF MAN PRAISED BY THE UK GOVERNMENT FOR ITS RESPONSE TO THE EDWARDS REPORT

The Isle of Man has been given strong backing by the UK Government and praised for the manner in which it had responded to the Edwards Report and Financial Regulation.

A joint statement from Lord Bassam, Home Office Minister, and Melanie Johnson, Treasury Economic Secretary, said that continuing improvements in financial regulation and policing of financial services would help to secure the Island's future as a top division world financial centre.

The programme of reforms has emerged from the Isle of Man itself and the Island has been willing to further improve financial regulation by reforming internal domestic legislation and local practises. The statement said improving financial regulatory standards and tackling financial crime were top of the UK's agenda in improving standards in offshore centres and that the Isle of Man's positive response to the Edwards's Report will help this.

The Edwards Report gave a ringing endorsement to the quality of the Isle of Man's long standing regulatory arrangements and to the Island's suggestions aimed at further raising that quality.
Commenting on the announcement, Treasury Minister the Hon Richard Corkill, said:

"The Edwards Report's assessment of the way we regulate our financial services industry and its findings were a huge boost to the Island's reputation. We have never been complacent and we have shown, by listening seriously to what was said, that we are prepared to listen to constructive suggestions for improvement."

He continued: "The UK Government's assertion that the Island is now at the forefront of world financial centres is further third party endorsement of our regulation and supports the fact that we have just been chosen as the Best Offshore Financial Services Centre at the International Money Marketing Awards for the fifth consecutive year. Furthermore, the Island was recently given 'AAA' credit rating by both Standard & Poor's and Moody's - the highest possible award."

.

 

 






Write a comment