Island must be ready for further offshore scrutiny

G5 beneficial ownership deal signed

It’s vital the Island maintains its tax independence.

That’s the belief of the chief minister, as the spotlight continues to shine on offshore jurisdictions.

The Manx government last week signed up to an initiative promoting automatic exchange of beneficial ownership information, spearheaded by the five largest economies in the EU.

Mr Bell admits while that is a positive statement, the Island must be ready to respond to further scrutiny by global regulators.