| type="text/javascript"> | | | | story concerning the Isle of Man Barclays Bank |
| The Isle of Man is another one of those | | | | and the government of Ireland: In a ruling handed |
| jurisdictions that on the surface sounds good but | | | | down by Special Commissioner John Avery Jones |
| isn't so good at all in practice. The Isle of Man | | | | last Wednesday, Barclays Bank was ordered to |
| Banking Act recognizes the contractual duty of a | | | | furnish HM Revenue and Customs with details of |
| banker to keep the affairs of his customer | | | | offshore accounts held by its customers, in order |
| confidential and the customers' rights to | | | | to assist the tax authority in clamping down on |
| confidentiality. There are limited exceptions to | | | | tax evasion. This article was from May of 2006 |
| these principles, set out in the Financial Supervision | | | | and from it we can see the Isle of Man is |
| Act of 1988, and these include circumstances | | | | participating in wholesale fishing expeditions whose |
| where disclosure is required to assist criminal | | | | purpose is to just see if in fact there were any |
| proceedings or to enable the FSC to discharge its | | | | tax violations taking palce.. Not good, actually as |
| statutory functions. So here you see the giant | | | | bad as it can get. |
| loophole, not good. Here is a quote from a news | | | | |