Isle of Man moves on tax co-operation - Isle of Man Today .
If this is true it is a massive step forward.
But I want to see action - not just noise.
But I'll still cautiously welcome the noise.
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Alas! the IoM is not the Holy Grail of transparency. The Treasury Minister is unlikely to be in post in 2011 so he can utter all the honeyed words he likes about automatic exchange of tax information. The Treasury parades itself as the Archangel Gabriel of off-shore banking but it has a well prepared stock answer to any disclosure of jiggery-pokery that it knows goes on in its financial services industry (eg: its response to the Antigua corruption scandal which linked high profile scammers with one of the Island’s banks.)
Right now the IoM Financial Supervision Commission will not own up to its blatant regulatory failure to vouchsfe the savings of 10,000 depositors in the failed Kaupthing bank. It is the only government in Europe not to have underwritten 100% those savings in line with the UK & pan European policy that calls upon it to do so. This is not a government of moral integrity showing any sense of justice to honour the trust put in one of its banks. On extolling the idea of automatic exchange of tax information it is just mouthing what it wants the UK, the OECD & others to hear whilst it carries on business as usual.