Research on secrecy jurisdictions [findings here] has shown that the Isle of Man is one of 60 international secrecy jurisdictions with a defined transparency score of only 17%.
Recently the Isle of Man & Oxford University hosted a conference of financial personnel from 24 of the world's smallest nations. The Isle of Man was upholding itself as 'top of the form' hence well qualified to come to the front of the class to lecture & tutor the rest of the boys & girls on good financial governance. Guess what? 11 of these countries were in the list of 60 secrecy jurisdictions, and they made up 48% of the total of 24 attending the conference.
The small nations in the list of secrecy jurisdictions attending were:
Antigua & Barbuda, Barbados, Belize, Cook Islands, Maldives, Marshall Islands, Mauritius, St Kitts and Nevis, St Lucia, St Vincent & Grenadines, & Vanuatu.
Does that not sound rather like chums in the finance business meeting together to share notes on how best to make money out of operating as offshore finance centres? Is it not rather a case of 'birds of a feather flocking together?'
I found no evidence that any of the 24 small nations could hang their heads in shame by matching the record of the IoM's 3 failed banks, & no record that any of them had lost the savings of over 10,000 depositors during the previous 12 months.
John Aspden, Chief of the FSC, said last week that the loss suffered by Kaupthing bank depositors had nothing to do with wrongdoing on the Isle of Man. Who is he kidding? How arrogantly proud he stood to lecture on the jurisprudence of financial regulation on the Isle of Man, whilst thousands of depositors still waited to be paid compensation for his failure to vouchsafe their savings.
John Aspden's days are numbered.