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Government defends Island's reputation

Statement speaks to outside world

The Manx government has entered the political fray over tax havens - declaring the Isle of Man has played an active part in efforts to combat tax evasion. 

In a statement released last night, the government made its first official comment on the fall-out from the so-called Panama Papers.

In a message it hopes will be heard on the international stage, it says authorities here are committed to tax transparency - and criminals will not find a welcome in the Isle of Man.

The government's statement does not refer to this week's data leak from a Panama law firm, which exposes the use of offshore schemes by the very wealthy, to avoid tax.

It is however, a firm response to the furore which has erupted, and seeks to defend the reputation the Island has painstakingly established as a responsible player.

The statement reiterates the Island record of cooperation with international investigations and highlights measures taken to help combat corruption and money laundering.

It points out the Isle of Man was the first Crown Dependency to sign a FATCA style agreement with the UK.

Channel Islands banks are named in the leaked documents, while the Isle of Man is mentioned eight times in the 113,000 documents.

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