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Island submits evidence to UK Treasury

Bermuda, the Cayman Islands, Guernsey and Jersey have reportedly confirmed they have submitted evidence to the United Kingdom Treasury select committee inquiry into the offshore financial centres.

The IOM has put forward evidence, which is expected to be published. However, it is thought likely to be similar to the material handed over to a United States inquiry some months ago.

The latest UK inquiry was announced on Aptil 30 and is another probe into the offshores to 'attempt to find out to what extent offshore financial centres are influencing worldwide financial markets and how much of a risk they pose to global financial stability'.

Other issues being examined include the levels of tax transparency in the jurisdictions.

The latest addition to the list of companies submitting evidence to the UK inquiry is the British Virgin Islands.

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