Isle Of Man / Ellan Vannin

Isle of Man drops down Financial Secrecy Index

An organisation which campaigns against tax havens has praised the Isle of Man for reforming its banking system.

Tax Justice Network (TJN), a group which includes economists, forensic accountants and lawyers said the island had moved down its secrecy league.

Every year it publishes a Financial Secrecy Index highlighting countries that make it difficult to stop money laundering and tax avoidance.

"The island has done rather well," said John Christenson, of TJN.

The Isle of Man is number 36 in the index below countries such as Canada, India, Ireland and Italy.

Mr Christenson said the Manx authorities were making it harder for money laundering on the island.

He said the island's standing had improved on the index because it joined the European Union's Automatic Information Exchange.

The exchange sees banking authorities sharing information across national borders about people who have opened accounts.

Nobody at the Isle of Man Government was available to comment.

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