Chief Minister Allan Bell MHK says the Isle of Man Government is actively reviewing a G20 initiative to strengthen international tax co-operation. The Island has a long standing policy of positive engagement with global standards and Mr Bell says he is considering the detail of the Convention on Mutual Administrative Assistance in Tax Matters agreed by the G20 governments in Cannes today (Friday, November 4). The Chief Minister said: ‘It is clear that the G20 considers the Convention to be an important element in the ongoing movement to improve international tax co-operation and bear down on tax evasion. The Isle of Man has long been at the forefront of those finance centres operating to the best international standards, and we will actively review the details of this Convention.’ The Convention is a multilateral agreement developed jointly by the OECD and the Council of Europe, and originally opened for signature in 1988. At the request of the G20, the Convention was updated by Protocol in May 2010 to reflect the ‘internationally agreed standard on transparency and exchange of information’ and, so as to extend assistance to the developing world, to open it to countries which are not members of the OECD or the Council of Europe. The Convention as amended by the Protocol came into force on 1 June 2011. Ends