Commons decision positive for Island says former tax director

Introduction of public register likely in future

A former tax director at accountancy firm PKF says it's good news the Island wasn't in the first tranche of a latest clampdown on offshore jurisdictions.

Speaking on Mandate this morning (Wed 02) Philip Dearden said whilst most jurisdictions - including the Isle of Man - had introduced private registers, public registers won't be popular with clients and would drive them elsewhere.

Yesterday (Tues), the House of Commons debated the Sanctions and Anti-Money Laundering Bill and there was a move to include crown dependencies, as well as the overseas territories - but Foreign Office Minister Sir Alan Duncan did not agree and this amendment was withdrawn.

Whilst he believes such a move will be inevitable in the long run, Mr Dearden says yesterday's move in the Commons was positive for the Island.