IOM 'must act now' to escape Obama blacklist

clock

The Isle of Man must act now if it is to prevent being blacklisted as a 'tax haven' by new laws to be passed by President Obama's administration.

US attorney and political lobbyist Joseph Brand visited the island last week to talk with chief minister Tony Brown about Washington's legislative moves, according to a local newspaper. Brand believes a bill will be brought before Congress within the next few weeks and anticipates the new laws coming into force by August. The Isle of Man government ought to lobby members of Congress to persuade them the island is well regulated and therefore it should not be listed in the proposed legislation, says Brand. Three bills are being proposed in the States including the Isle of Man within a ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Offshore Investment

FCA charges advice duo over 'reckless' high-risk pension investments

FCA charges advice duo over 'reckless' high-risk pension investments

Stephen Joseph Burdett and James Paul Goodchild have also been fined

Hope Coumbe
clock 24 May 2024 • 1 min read

New awards will celebrate excellence in Channel Islands financial services

Entries now open - deadline for submissions 8 June 2016

Professional Adviser
clock 17 March 2016 • 1 min read

Who won at the International Fund & Product Awards 2015?

Canada Life International, Schroders, and Old Mutual International among winners

Professional Adviser
clock 08 October 2015 •