IoM ranked 42nd in largest tax haven list

Tax Justice Network release compilation

The latest 'financial secrecy index' places the Isle of Man 42nd in the list of the world's largest tax havens, whilst Guernsey and Jersey were placed in tenth and 18th respectively.

The United States now sits second, according to the Tax Justice Network which compiles the rankings, with only Switzerland scoring higher.

The UK-based organisation suggests the traditional tax haven stereotype is a 'misconception', and that rich member countries of the OECD are the main perpetrators of illicit flows of private wealth.

It's thought between $21trn and $32trn is held in what the Tax Justice Network calls 'secrecy jurisdictions' around the world.

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