Isle of Man Finances Praised

A major report by the International Monetary Fund says the Isle of Man’s financial sector is well regulated and supervised, and offers a high level of compliance with global standards.

The five-yearly IMF report rates the island among the top countries in the world in the measures it’s taken to combat money laundering and the financing of terrorism.

It also found that the Manx banking system had a limited exposure to market shocks, with a ‘very sound’ level of capitalisation. The insurance sector was found to be similarly well regulated, also with ‘considerable resilience against shocks’.

It recommends the government continues to build defences against economic turmoil, and describes the Depositors Compensation Scheme, offered here to protect bank customers, as ‘unusually extensive for a small jurisdiction’.

Chief Minister Tony Brown says the report gives the Island a clean bill of health. “This report from the International Monetary Fund is a comprehensive, independent and expert endorsement of the quality of the Isle of Man’s financial services regime. We in the Isle of Man have always worked hard to achieve a high level of compliance with international standards, and will continue to do so as the standards evolve,” he said.