I note a report that says:
Isle of Man Treasury Minister Allan Bell has sounded a note of warning about new US president Barack Obama's intentions towards offshore banking centres. Commenting on the election result, he said:
I am sure this is a major improvement on what we have lived with for the past eight years, but - and it's a big but - he has been very focused on closing down what he sees as offshore financial centres or tax havens. He has not differentiated between well-regulated jurisdictions like the Isle of Man and rogue ones that should be closed down.
There's good reason Mr Bell. Not one person in the US Senate thinks you are well regulated. Perhaps you have not read Carl Levin's report of August 2006. But they have. And they know how badly it portrayed the Isle of Man.
Expect no favours Mr Bell. I do not expect any to be given.
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There is absolutely nothing to be concerned about, It will not make a blind bit of difference to this side of the Atlantic.
Matt
The policies of the US President not make a blind bit of difference? In case you hadn’t noticed, we went into a war and long term occupation of another country at the behest of the US President. I would suggest that an instruction to crack down on secrecy jurisdictions would be rather less onerous and I am sure that our government will be willing to comply rather than risk the displeasure of Uncle Sam. Special Relationship, you know!
it wont effect the isle of man at all,people will still bank thair with thair hard ernt money.
however if jersey & guernsey dont get thair act together with a compo system in place soon,it wont have a banking industry either with or without sen obama.
regards
A
I would suggest that the incoming President would be better placed to look at the internal system in the USA that led to the sub prime market collapsing leaving thousands of people without homes and contributing to the global recession which is now facing us.
Mind you, going after other jurisdictions and accusing them of illegal activities obviously is a good smoke screen – a bit like invading another country – every president has his own way of deflecting attention from problems at home!
Andrea
You forgett – sub-prime was only possible because tax havens provide the opacity to market the resulting debt in a way which no one understood
You were not peripheral to the process. You created the process
It’s going to be hard for a president to ignore the damage tax havens have done to the US economy
This was not a problem made in America as you suggested but in Georgetown, Douglas and St Helier
We will remind you, time and again, that you have a debt to repay
Not in cash – you haven’t got it – but bu structural reform to make sure you can never do it again
Richard
So the Isle of Man is responsible for the global recession and for deaths of starving children in Africa…..we’re obviously more powerful than we ever thought!