Saturday, October 11, 2008

US upsets Mr. Bell

The IOM is famous for its efforts to become the "cleanest", most transparent and cooperative financial jurisdiction. Well, when representatives of the International Monetary Fund visited the Island last month Treasury Minister, Allan Bell said that while dialogue was constructive he finds criticism of the Island from the USA to be without substance. He told Manx Radio:

"We've been working full tilt for the last 12 months, improving our legislation and improving the quality of our regulations to get a clean bill of health from the IMF. "The visit would appear to have gone quite well although it will still be a few months before we get the full report back.

"But it is galling when we are constantly criticised by politicians in the United States about the lack of transparency, the lack of cooperation, and the poor regulations that the Isle of Man has, when the United States itself has refused to have a similar assessment done by the IMF of its own regulations."

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