I note that Isle of Man Treasury Minister Allan Bell has said of the up-coming review of the Crown Dependencies that:
This is really the culmination of a strategy devised by the UK government to raise the profile of the Isle of Man, and deflect criticism for its own mishandling of the Kaupthing affair. Nevertheless, we are where we are (and) we have been through this process before. We have had a number of investigations in the past and have come out with a clean bill of health.
We are very confident now that this inquiry will take place and I hope this time, if it's properly objective, they will recognise once and for all that the Isle of Man's standard of regulation matches their own and international standards
He just doesn't get it. Even if the IoM is well regulated, the rules have been proven not to work.
This review is not about how well the IoM has complied with the rules that don't work: it's about whether it should be allowed to stay in the game.
It only does so by the grace of the UK. It can only continue to do so if the UK under-writes its risk. It seems to me that the UK has at long last reallied that is a risk not worth taking.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
I’m sorry Richard your argument makes no sense, you can’t blame the IOM for following the rules laid out by the OECD. If the OECD rules arn’t strong enough that is the OECD’s fault not the IOM.
When the OECD changes the rules (and they will) the IOM will move into compliance with the new rules.
To put your argument in any analagy, its like a game of football going on, the IOM heading off the goalline and saving a goal and you complaining he should be sent off, not for breaking any rules but because you want a goaline clearance to be a dissmisal offence, it’s ridiculous.
Creg
I agree: the OECD is at fault, but George Bush left them almost no other option, and he did so under the influence of those tax havens who funded the Centre for Freedom and Prosperity in the USA, and its equivalent organisations, so let’s please have no pretence that you are an innocent party in all this. The Isle of Man has certainly been active in this lobbying.
The good thing is that now the game has changed. the truth is that the future is not about whether you will comply with the new rules will or not: the question will be whether you are allowed to play in the game or not. And have not one moment’s doubt: if the political will exists to stop tax haven activity it will stop, immediately. The choice is not yours.
Richard