The Manx government and members of the Island's business community are considering the implications of the final communique from the G20 summit in London.

The leaders of the world's most economically powerful nations say action will be taken against non-cooperative jurisdictions, including 'tax havens'.

The G20 nations say they stand ready to deploy sanctions to protect their public finances and financial systems.

They also note that the OECD, the Organisation for Economic Cooperation and Development, has today published a list of countries assessed by the Global Forum against the international standard for exchange of information.

The Isle of Man has signed 14 tax information exchange agreements with other countries, including France, Germany, the United States and the Scandinavian nations, which is two more than the benchmark figure.

Media organisations in the Island are being briefed on what this evening's announcement means for the Isle of Man.