Statement to US Senate committee

The Manx Government has published its statement to a United States Senate committee hearing, defending its 'tax haven' position.

It follows similar moves by the Channel Islands, including a personal appearance by Jersey's Chief Minister, Frank Walker, in front of the 'Stashing cash overseas' hearing.

In a nine page submission from the Chief Secretary's office, the Isle of Man lists how it is regulated, its economic and tax set-up and the moves in force to help other jurisdictions carry out investigations into tax evasion and money laundering.

It makes the point that sometimes the stance of avoiding comment which could make it more difficult for other jurisdictions to pursue investigations, has inhibited the Island's ability to defend itself, and its reputation, against incorrect criticisms that portray it as an unco-operative jurisdiction.

The statement ends 'the Isle of Man should be seen as part of the solution, not part of the problem'.

The full statement can be down loaded from the Manx Government website.