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Isle of Man enacts legislation to outlaw vulture funds December 12th, 2012
Legislation to prevent the Isle of Man being used by ‘vulture funds’ to exploit the debts of some of the world’s poorest countries has this week received Royal Assent. The Isle of Man is known as a tax haven, but deserves recognition for this move toward greater transparency and ‘best practice’ regulation.
The Heavily Indebted Poor Countries (Limitation on Debt Recovery) Act 2012 outlaws a practice that undermines international debt relief efforts.
The legislation prevents vulture funds from buying up poor nations’ debts for a fraction of their original amount and then using the courts to sue for the full value, plus interest and penalty charges.
Treasury Minister Eddie Teare MHK said the move was designed to send a clear message that the Isle of Man was a well-regulated, transparent and co-operative country.
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