IoM regulators could chase away business

tax & jurisdiction

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Strict requirements could see service providers leave the island

Scottish Life International (SLI) has warned that service providers based in the Isle of Man may be forced off the island because of the extra anti-money laundering requirements required to sell products. Douglas Law, head of corporate communications at SLI, said: "The Isle of Man regulators may chase some providers off the island if anti-money laundering regulations get more extreme. We would like to see consistency across the board for financial centres. Intermediaries might go down the path easiest for themselves rather than get bogged down in application forms on the Isle of Man." Ac...

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