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India could whitelist the Island

The Indian government may be about to put the Isle of Man onto a list of cooperative jurisdictions.

The country is making moves which would allow it to crack down on money being taken out of the country via tax havens and the revenue department of its finance ministry has started defining non-cooperative jurisdictions.

A five-member committee is deciding what exactly constitutes 'non-cooperative' and will prepare a list of blacklisted countries.

But India may end up following a report by the Organisation for Economic Cooperation and Development, which places the Isle of Man in a list of countries which have substantially implemented internationally-agreed standards.

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