How Can I Sign Alabama Banking Agreement

How do i industry sign banking alabama agreement

right well first of all thank you everyone for coming here today at relatively short notice just very briefly to give you a background to what we are announcing today I would just take you back to the end of the 90s when the OECD started its proposals to create a more transparent and accessible tax system around the world in the early days you might remember the Alabama was on the blacklist with the OECD and even at that time the alamin recognized the direction of travel where the debate about openness and transparency was likely to go and therefore we were one of the first countries to sign up to the OECD model in relation to tax information exchange agreements and we've worked with in the OECD now very actively for the last few years over those years the other man again has taken the lead in signing more tax information exchange agreements than most other jurisdictions and in at the end of the 90s we were on the OECD blacklist in 2009 when g20 met in London we were the first small jurisdiction to automatically go on the white list so over the years we've followed the international debate we understand the drive behind it and we totally agree that this is the right thing to do as time has passed the tax information exchange agreements have become more routine and in 2010 the USA introduced a new concept into international agreements a nutters FATCA initially I think there was some skepticism as to whether it would be accepted but this is automatic exchange of information on personal accounts companies and an all related business but bit by to over the last couple of years the USA has got its legislation together it's now signed already a number of quite important factor agreements with various countries around the world now the other man will be engaged in that we have committed to the u.s. that we will sign a an agreement with the US and indeed we would have signed it probably by now except for the fact that the u.s. is closed at the moment and we have to wait until there are some one to countersign at the other side however in 2012 the alderman also committed to the United Kingdom the United Kingdom thought it would be appropriate if we are signing a factory agreement with the u.s. that we should consider signing one with the UK as well we committed in 2012 and the intervening period has been spent in discussions with UK Treasury to put together a structure which falls within the ambit of the principles of FATCA and and these discussions have been going on now and have been completed this week so the announcements we are making today is that yesterday I visited Treasury in London and we have the ala man has now signed the factor agreement with the United Kingdom government we are the first jurisdiction apart from the United States itself to sign with the UK we are the first small jurisdiction the other man once again has shown its leadership in these very important matters and we believe it is the right thing to do and I think it will help cement still further I think and especially building on mr. Cameron's comments fairly recently that the ala man should not be considered at a tax haven anymore I think this is a further very important step which really reinforces that point and once and for all will enable the out of man to reposition itself as a high-quality transparent cooperative international business center and we can move away once and for all for these outdated names of tax havens and the like this is groundbreaking negotiations not just for the Isle of Man but for the united kingdom itself they believe it is a very important event because it sets the pace now for all the other jurisdictions the other small jurisdictions of Crown Dependencies and the overseas territories have committed to sign with the UK and they will be signing in due course but the Isle of Man once again has led the way and because we believe what we're doing is right rather than what we have to do are they willing now to partner with the UK to indeed spread out from this agreement to help establish a truly global standard in tax information exchange agreement factor I believe and I've said this for quite some time we'll set the international standards it might be patchy to begin with but ultimately this will be the shape of things to come and I think if we because of the ability of the Isle of Man I think to have a broader vision than many of our competitors and I think it's absolutely right that we should now join with UK to work together to build this international standard Mr Osborne the Chancellor is in Washington at the moment he's there for the IMF g20 and various other meetings he is going to make this announcement this afternoon at six o'clock I signed the agreement yesterday treasure with David Gork who is the Treasury Minister and there will be appropriate press releases with their commentary coming up very shortly so the purpose today really is just to inform you that we have now signed this agreement this stage of uncertainty now is put to an end once or all our business community will have clarity and a hope leadership and know exactly where the other man is heading so that they can make their own investment plans and it will help to underpin our long-term strategy of protecting the reputation of the Isle of Man and setting us aside from all the small jurisdictions who have been more reluctant to follow the Alabama so that's the news today and if there's any question would be very happy to respond people that have been amazing textin a size 12 2016 to come clean effectively with no penalty as far as i know that is the case i have to say i don't know all the technical details of that and the other man of course has been involved with automatic exchange of information on personal finances with the European Union's for a number of years so we've we've had agreements there and that's work very well and I think the the system's we've had in place have largely driven the evasion business out of the island altogether what business the elaman has now is we believe a legitimate and cannot be considered as evasion and that again as I say has been endorsed by Mr Cameron who believes that the Isle of Man should no longer be considered as a tachead yes companies and trusts and what's this mean then to anybody on the streets I mean all this is you talked about in the past anybody you said would have gone has gone life goes on yes yes I mean we have incremental II over the years working with different countries whether it's the US or the UK or the European Union the OECD we have bit by bit been tightening our grip on the regulation control of investments passing through the Alabama we believe the steps we've taken have largely cleanse the system over here we can never be sure that we will not be breached at some point and neither can any other country in the world be absolutely clear that their systems will protect them from that type of abuse but the work we put in I think has probably largely driven out that sort of business and so for the average man in the street it won't mean very much but for our ability to stand up in the international community to attract new business going forward it puts the other man in a very strong place and will help to on the pin the economic expansion we need to have over the next few years how do you think the business will guessing that this term it could give them a sort of much increased workload yes there will possibly be compliance costs in all the changes we brought in over the last few years compliance is probably one of our fastest growing industries at the moment but we have consulted widely on this right from the start the business community have known exactly what our strategy has been what our priorities are and I think after some initial discussion the industry by and large agrees with the course of direction that were going so this will not come as a surprise that the only surprise i guess will be the fact it was signed yesterday but the fact that it was going to be signed has always been on the cars as i say we made our commitment in 2012 the industry knew then what we were doing and they were very supportive of the line we were taking see this is going to be the way forward in future lessons and it's going to essentially what you see is changing the shape and the structure in many ways of the finance sector and that I think we need to just step back actually I I do think that yes but I think we just need to look at the finance industry on the island in the round there are many changes going on around the Isle of Man at the moment which will impact on the future shape of the industry these various agreements obviously will have some impact but then alongside that we have the vicar's review which is going on which could have a major impact on the banking industry on the island and that there have been other international moves to tighten up regulations and controls and the like and of course the fallout from the credit crunch in 2008 change that the nature of international financial services anyway so I think this is just one more step it's a very important step it's a world leader for the Isle of Man and but it is only part of a wider move I think which will impact on the shape of furniture services for the future but I I expect as a result of what we're doing although it might take a little while to work through the ala man in the medium to long term will be in a much stronger place than it is at the moment we will be able to defend ourselves and we will be able to hold her head up internationally and proudly shout that we are a secure a safe competent jurisdiction which provides high-quality services to the financial industry but everyone else is signing are they not so I mean Jersey Guernsey poor don't like you very much but they have followed suits so does it mean it much at all mean because everyone's gonna be doing it anyway well eventually everyone will but there is a difference between leading the pack recognizing the direction of the debate which has been gone on for some time and working as a partner with the United Kingdom to stimulate this new global standard and being dragged along on other countries coattails which mentioning no names might be the case in the jurisdictions how did young man BM gets become the first to sign this V so having a fight turtle get that no we we see FATCA and certainly as chief minister I see fekr as simply a logical extension of the work we've been doing for the last 15 years as I said at the stuff this whole debate started at the end of the 90s with the OECD drawing up its blacklist and and that really was the wake-up call that everybody should have listened to at that point not everybody did and I took over it shortly after as Treasury Minister and ever since at that point I have believed absolutely that this has to be the direction of travel in the long term to secure our base for high quality financial services probity and reputation has to be a major economic driver for the future and this puts the alamin in a strong position for that improve relation to UK Treasury help in other ways as well yes I have to say my belief and I've been dealing with the UK Treasury for 1213 years now I think the ala man's relationship with UK Treasury now is the best it's been certainly in my knowledge for the whole of that period and i think that was born out quite apart from this agreement with our visit to the Tory party conference last week where we met the senior treasury ministers and had a very warm welcome from all of them and as I say I think now bearing in mind we've had some very strained relations with the UK Treasury in the past it is on a different footing all together now and without going into detail we are already feeling the benefit of that more benign approach the other man in other areas you