The Isle of Man is committed to openness and transparency, as long as it is done in secret

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I wrote yesterday about the farce of the tax information exchange agreements that have been signed by many tax havens / secrecy jurisdictions in response to OECD demands in 2012.

These tax information exchange agreements are the foundation for the claim many of these places, like the Isle of Man, make to now be open and transparent. It's a shame that's just not true. The reality was exposed in the Tynwald, the Isle of Man's parliament, last month. For the record, I reproduce the report here:

So, the Isle of Man is committed to openness and transparency as long as it is done in secret.

What a farce.

Until these places agree to full, automatic, information exchange then they will remain the base for tax abuse.