Should the Isle of Man be concerned about the Paradise papers?

Harding Lewis shares their view.

We think that any criticism of the Isle of Man as a jurisdiction that isn’t honest and open is a rather peculiar stance to take. We fail to see how the Isle of Man Government’s pro-active approach to sign up to prominent international information-sharing agreements paints a picture of secrecy and criminality in any way. FATCA and the Common Reporting Standard, to name just a few, are pieces of legislation that the Isle of Man has been one of the first to step up to the plate for and the Government continues to support this position going forward.

There will always be people and businesses that make poor choices and follow a darker path but this applies to both ‘off’ and ‘on’ shore alike. Obviously, should any money-laundering, fraud or illegal activity be discovered through these papers then this will need to be addressed in the appropriate way and controls put in place to avoid this happening in future.

We feel that this is sensationalist journalism at its best. BBC Panorama has lost a lot of credibility in our eyes by taking such a biased view and we expect any reasonable person will see through what is clearly an anti-offshore agenda rather than an informed view on all the relevant facts.