Luxembourg has been criticising what it calls the Isle of Man’s banking secrecy regime.
Although Luxembourg’s banks are more secretive than the Island’s, the country’s prime minister Jean-Claude Juncker said he would be demanding action on British tax havens at a meeting of EU leaders today.
He has also accused France and Germany of "arrogance" as they try to force banking reforms in small jurisdictions.
Meanwhile, France looks set to be the Isle of Man’s next ally after the French finance minister Christine Lagarde said her government would sign a tax information exchange agreement with the Island.
The Manx government already has a similar agreement with Germany, which Guernsey says could mean the Isle of Man will avoid going on a G20 blacklist.
It’s believed the list will be made up of countries which haven’t signed at least 12 information agreements, and so far the Isle of Man has 13.
The Guernsey press is reporting the Channel Island is desperate to sign more agreements as it tries to escape being black-listed by the G20.
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