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Category Archives: Isle of Man

Brown - the biggest supporter of tax havens in the world

05-Nov-08

For eight long years the tax havens of the world survived because of the backing of George Bush.
That support has now been swept away.
Not just swept away, but removed by a man who has very publicly promised to change that policy.
It leaves Gordon Brown very exposed. he is now very obviously the biggest supporter of [...]

Darling issues a warning to the Isle of Man

04-Nov-08

Alistair Darling said this to the Treasury Select Committee yesterday:

I would just add another thing, I actually think having looked at what has happened over the last few months we really do need to have a long hard look about the relationship between this country and the Isle of Man - a ‘tax haven’ sitting [...]

Absolutely outrageous, says the Royal Bank of Scotland

16-Oct-08

My friends down at Private Eye have been doing the sort of thing that only they do best, like asking awkward questions.
Having noted questions here about the future of offshore activity by our nationalised banks they thought they’d pop a question or two to our favourite offshore banks: you know, the ones who housed the [...]

The Isle of Man Bank is now owned by…H M Government of the UK

14-Oct-08

You couldn’t make this up.
The Isle of Man Bank is the sole note issuer for the Isle of Man.
And it is owned by the Royal Bank of Scotland.
And so it now owned by HM government of the UK.
Interesting….

The end of the Isle of Man as a banking centre?

12-Oct-08

The Times has reported (in edited form):

Wealthier investors who have stashed their cash in offshore bonds could lose their nest eggs after the schemes became embroiled in the Icelandic banking crisis. British investors have as much as £5 billion in the schemes, most of which have a minimum investment of £100,000 and are often used [...]

This could kill the Channel Islands and Isle of Man - updated

12-Oct-08

The Guardian has reported:

British savers with deposits in the Channel Islands have no protection for their money if their bank goes bust.
After the collapse of Icesave - and the failure of Iceland’s deposit protection scheme - concern is growing that the tiny island tax havens will leave savers deeply exposed.

Let’s be clear: these places need [...]

Let’s call the Isle of Man a tax haven: nothing else will do

18-Jun-08

Tax News.com has an amazing story. It says:

The positive part played by the Isle of Man in the global war against financial crime has been highlighted by a key official from one of the US Treasury’s main anti-money laundering agencies.
William F. Baity - Deputy Director of FinCen, the Financial Crimes Enforcement Network - spoke of [...]

The Crown Dependencies do not deserve to be white listed

04-Jun-08

The Telegraph has reported that:

A row has broken out between the Channel Islands and the European Union over a decision to leave the tax havens off a ‘white list’ of countries deemed to have satisfactory controls against money-laundering.
Jersey, Guernsey and the Isle of Man have been placed by the EU on an ‘intermediate’ list of [...]

The EU money laundering white list

01-Jun-08

I note that whilst I was away there was some comment on the UK’s overseas tax haven territories not making it to the EU’s ‘white list’ of locations with equivalent money laundering standards to the UK despite places like Russia doing so.
I am not at all surprised. Places like Argentina, Australia, Brazil, Canada, Hong Kong, [...]

Big trouble on treasure island

21-Mar-08

It was good to celebrate my 50th birthday this morning reading an excellent article in the Guardian with the above title. As the sub-title said:

Jersey’s status as a tax haven has made it one of the richest places on Earth. But there is a widening gulf between the millionaires of the financial sector and locals [...]