Officials at the White House says the G20 will produce "a new set of rules for oversight, transparency and conduct for offshore tax havens next week, as part of a broader effort to overhaul the regulatory structure of the world economy".

The new "rules of the road" for Caribbean and other tax havens will be included in a communique issued by the Group of 20 nations at the much anticipated London economic summit on Thursday, according to Michael Froman, a deputy White House national-security adviser for international economic affairs.

Meanwhile, director of the OECD’s Centre for Tax Policy and Administration, Jeffrey Owens says: "At a time when many countries have been promising change, Guernsey, Jersey and the Isle of Man have been delivering. I am particularly pleased that the Isle of Man now has 12 agreements with OECD countries in accordance with the OECD standard. This is an important milestone in implementing its commitment to international cooperation."

He continues: "The positive outcomes of the Sub-Group's work, as well as the lead that these jurisdictions have taken in signing tax information exchange agreements, have played a big part in the developments in favour of greater transparency that we are now seeing around the globe."

Manx Radio's business editor John Moss asked the Isle of Man's tax assessor Dr Malcolm Couch if the Island would carry on signing agreements now the magic dozen had been reached: