A statement recognising the Isle of Man’s commitment to international regulatory standards has been welcomed by Chief Minister Tony Brown and the Treasury Minister Allan Bell.

It focuses on the Island’s listing by the OECD on the ‘White List’ of jurisdictions that have substantially implemented the internationally agreed standard on exchange of information on tax matters.

The statement, which is available on HM Treasury website, says:

‘The United Kingdom welcomes the Isle of Man’s recognition by the Organisation for Economic Co-operation and Development (OECD) as a jurisdiction that has substantially implemented the internationally agreed standard on exchange of information in tax matters and on its ongoing progress in signing Tax Information Exchange Agreements (TIEAs).'

Financial Secretary to the Treasury, Stephen Timms, added: ‘I warmly welcome the Isle of Man’s progress in agreeing Tax Information Exchange Agreements, with 14 signed so far. The Isle of Man’s firm commitment to enhanced transparency and exchange of information in tax matters is very encouraging, and I call on others to heed their example.’

The United Kingdom also recognises the Isle of Man is committed to international standards of anti-money laundering legislation and practice, counter terrorist financing legislation and financial regulation, and that the Isle of Man participates in international efforts to combat financial crimes.