The Manx Government has published its submission to the House of Commons Treasury Committee which is investigating the offshore financial centres.

The 20 page submission covers the Isle of Man's background and regulations, but it also examines the 'General role of offshore financial centres within the global financial system'.

It says that while the Isle of Man wishes to assist the committee with its work, and therefore seeks in its submission to provide answers to the committee's questions, it also wishes to point out that there is no commonly agreed definition of the term 'offshore' when linked to financial centres.

The submission goes to say that without such a definition, those people, organisations and governments that make submissions to the committee may be making unstated assumptions and, as a result, comparison of the submissions may prove difficult.