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Isle of Man tax haven more open thanks to forensic accountants

Member: Nifa

Forensic accountants, economists and lawyers at the heart of an organisation campaigning against tax havens have praised the Isle of Man Government for their efforts to make money laundering and tax avoidance more difficult.

The Tax Justice Network (TJN) says the island has moved down its secrecy league to thirty-sixth position because it has joined the European Union’s Automatic Information Exchange, which means that it will participate in sharing information across national borders about people opening new bank accounts.

The Isle of Man now lies below such countries as Ireland, Canada, Italy and India in the TJN’s league table.

The organisation’s annual Financial Secrecy Index aims to show how effective countries are at combatting money laundering and tax avoidance.

No-one at the Manx Government was available for comment.


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