Ethics and governance in the European Financial centers

The Isle of Man was targetted by US Senate subcommittee report (see article "Tax Haven Abuses: The Enablers, The Tools & Secrecy (US Senate hearing)").

A spokesman for the Financial Supervision Commission (FSC), said: "'Any financial institution doing any business in the Island is required to understand the nature of the transaction being done and also has to ensure that the transaction is not deliberately breaking the laws of another country. We do not tolerate misuse of the financial system in any circumstance".

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