The Isle of Man – $200 billion of tax evaded funds

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Marty Sullivan has been continuing his work on the UK’s offshore tax havens, this time looking at the Isle of Man. He concludes:

At the end of 2006, there were $150.5 billion of assets in the Isle of Man financial sector beneficially owned by non-Isle of Man individuals who were likely to be illegally avoiding tax on those assets in their home jurisdictions.

Rapid growth of bank deposits (15 percent during the first six months of 2007) and of mutual funds shares (27 percent during the first nine months of 2007) suggests this total could edge close to $200 billion by the end of 2007.

How do you justify that, Allan Bell?