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18 Jun 2008
The Isle of Man has been urged to rebrand itself as an 'independent financial centre' rather than an offshore centre, as tax havens look to clean up their act.
William F. Baity, deputy director of US anti-money laundering agency FinCen, the Financial Crimes Enforcement Network, suggested the territory move away from the label ‘offshore’, which has negative connotations, to 'independent financial centre'.
'Perception is reality and you will struggle as long as people talk about offshore,' tax-news.com reported Baity as saying.
The rebranding suggestion echoes moves made by Gibraltar in recent years, which has pulled out of international groups with 'offshore' in their title to try and shake off the tax haven tag.
The moves are unlikely to entirely appease critics, however.
Baity, in delivering the Chief Minister's International Lecture at the Mount Murray Hotel, also said that the Isle of Man has been helpful in its work in providing information.
'What you are doing is helpful in our fight against financial crime and I think that is important.'
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