There are signs the Island could fall foul of one of the first campaigns by United States president-elect Barack Obama.

Sunday newspapers reported Mr Obama (pictured) is looking into the issue of tax havens, and the Isle of Man is one of those he is considering taking action against.

Treasury Minister Allan Bell says it’s no secret the recently-elected Democrat has been considering the issue and Mr Obama’s stance reflects public opinion in the United States.

He told Manx Radio:

"There has been a mood in the United States for quite some time that it is unpatriotic for business, or tax-dollars, to drain out of the United States into other jurisdictions.

"I think this would probably be seen as more of a domestic than an international issue, in the sense that it's an attempt as they see it to stop that drain of billions of US tax-dollars out of the US economy and into small financce centres around the world."