European leaders at the G7 meeting are preparing a united front against 'tax haven' abuse ahead of the G20 summit on 2 April.
German chancellor Angela Merkel urged for sanctions to be drawn up to punish tax havens, according to a local Isle of Man newspaper.
Leaders of Britain, France, Italy, Spain, the Netherlands, Czech Republic and Luxembourg plus the European Commission president, finance ministers and European central bankers attended the meeting.
The summit also proposed a list of 'uncooperative' jurisdictions to be collated by 2 April but preferably by the next meeting of EU finance ministers on March 10.
Gordon Brown has allegedly singled-out Switzerland as the focus of his tax haven crackdown.
Isle of Man treasury minister Allan Bell says: "This is exactly what I've been predicting for some time. The G7 is a preparatory meeting for the G20 when this co-ordinated initiative, along with similar proposals by the US, comes to a head."
While he is concerned, Bell says it depends on how the blacklist is developed.
"If they are objective and stick to a list of uncooperative nations then the Isle of Man will be in a much better position," he says.
The Isle of Man will sign two more tax information exchange agreements (TIEAs) next month with European countries who will be part of the G20.IFAonline
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Group income protection
Nine in 10 do not have income protection
Set to become part of Single Financial Guidance Body