|Colin Powell was speaking at the eighth|
annual compliance and economic crime symposium
Mr Powell said the UK had ‘unsurprisingly jumped on the bandwagon’, after the Island indicated it would sign up to an agreement with the USA designed to prevent American citizens evade tax.
The decision by the Island to sign an ‘inter-governmental agreement’ with the US on the Foreign Accountant Tax Compliance Act (Fatca) prompted the UK to act to secure the same type of agreement.
The UK’s move came out of the blue but it would appear that the Island will have little choice but to agree.