Island must focus on external threats says Chief

Mon, 18 Apr 2016

Allan Bell MHK

We're not focussing on dangerous external threats to our livelihood.

That's according to the Chief Minister - he says a potential 'Brexit' and the fallout from the leaked 'Panama Papers' are lethal to compliant offshore jurisdictions.

An agreement on sharing beneficial ownership information was signed in London last week - it's been described as a 'groundbreaking move'.

Although the Isle of Man enjoys a strong relationship with Westminster, and international regulator the OECD, the financial sector here is expected to feel the tremors.

The consequences will coincide with the run-up to the House of Keys General Election in September - which Allan Bell says can't take priority: