As Chief Minister of Isle of Man, one of the well-known offshore havens, Donald Gelling has reasons to feel proud and walk chin up.

The island has an impeccable track record, coming clean on all three occasions in the last three years when it was reviewed by the Organisation for Economic Cooperation and Development (OECD).

"Our regulations and practices are the best in the world and there is no evidence of any irregularities," he says with a ring of confidence.

The Isle of Man has an anti-money laundering law put in place some 7-8 years ago, and Gelling categorically avers there have been no cases of questionable funds or freeze on accounts, nor even tax evasion.

"We have very strict regulations and they are implemented. If banks do not adhere to regulations, their licenses are not renewed."

However, the chief minister is not here to trumpet his report card. Admittedly, his second visit to the UAE is part of a relationship building mission.

Foremost is to create synergy with the UAE in the field of e-commerce or e-technology, informs Gelling.

"We want to develop e-commerce links between the UAE and the Isle of Man. Both places are serious about e-commerce and technology and the Isle of Man already has an e-commerce strategy in place."

Significantly, the isle is giving final touches to its cyber laws.

Meanwhile, talks with senior officials in the UAE have begun, including those from the Central Bank, the chambers of commerce and industry, and Dubai Internet City.

"It is gratifying to know UAE has recognised that e-commerce is the future and we would like to partner it in this e-commerce initiative in Europe.

"We were the first offshore centre to embark on such an initiative after a great deal of research. We wish to share our experience with countries such as the UAE who are leaving no stone unturned to develop a world-class e-business strategy."

Indeed, Gelling played a key role in the island's ground-breaking e-commerce strategy, an important milestone in his government's commitment to ensure the Isle of Man stays at the forefront of e-enabled jurisdictions.

With 62 licensed banks and deposits totalling £23 billion, the island also has a strong confidential banking system. However, there are no fresh efforts to attract more banks.

"We encourage more business, not new banks. We know our banks well and what's more important is that we have depositor protection schemes, which means if a bank collapses, depositors' interests are protected."

Gelling said that though there is a small physical presence in the island of financial institutions from here, the "relationship is great and we are building on the relationships."

Offshore centres are not without challenges and with the ongoing situation in the world, the road ahead could be more challenging.

"Offshore centres as well as the people dealing with them have to be more vigilant than before and for us it is important to ensure regulations are followed strictly."

Born and educated in the Isle of Man, Gelling confesses he has no ancestry but is a true Manx person.

After a successful career in marketing with Ford, he found himself in politics, first as treasury minister from 1989 and then as chief minister since 1996. "My term ends next month as elections are due," remarks the Manx man as he waves you goodbye for a quick game of golf at one in the afternoon.