NEWS FROM THE CELTIC LEAGUE
Joy and progress can soon dissipate certainly in world of Isle of Man offshore finance.
Yesterday it was announced that the Isle of Man had been removed from a blacklist in the US (District of Columbia), apparently we are now back on the ‘white list’! The champagne corks will have been popping in the Channel Isles as well as they to were also removed from the US black list.
Meanwhile more good news as Manx Treasury Minister, Eddie Teare MHK, signs a TIEA with Romania. Well one thing is certain a Tax Information Exchange Agreement (TIEA) will certainly be useful for both countries as to put it mildly since the collapse of Communism over two decades ago Romania has embraced ‘western decadent values’ with gusto and corruption was (maybe still is) endemic. There are possible pitfalls along the road ahead.
Of course Treasury Minister Teare knows that ‘tears’ can follow TIEAs at least that’s what he may have thought this morning as he ate his cornflakes and surveyed the news.
Yes NAMA is back! Another report on the BBC this time with the UK National Crime Agency pursuing the issue. Tell me again – why do we have at great expense an Isle of Man financial crime unit FCU? It always seems that off Island financial law enforcement agencies are probing things that the local financial plod here keep missing. (link):
https://www.bbc.co.uk/news/uk-northern-ireland-34744144
You can just tell the NAMA saga is going to run and run and given the vast amount of money (billions) involved in the overall deal could get murkier yet.
What Eddie Teare needs to realise is that Mann can be on all the white list it likes. You can sign all the TIEAs you like. Unfortunately as long as the Isle of Man has ‘banks that like to say yes’ to the wrong people the taint of scandal will persist.
BERNARD MOFFATT
Issued by: The Celtic News
07/11/15
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