High Praise for Bermuda from High-level U.K. Official

LONDON, England – The Financial Secretary of HM Treasury, Stephen Timms, praised the Government of Bermuda today for its commitment to the standards of the Organisation for Economic Co-operation and Development (OECD) which are concerned with issues like tax information exchange and anti-money laundering.

Mr. Timms’ comments came during the Overseas Territories Consultative Council (OTCC) meetings in London today.

After his presentation to leaders of the Overseas Territories, Mr. Timms said: “If on tax information exchange everyone had made as much progress as Bermuda the world would be better off.”

“The U.K. Financial Secretary’s comments are a strong endorsement of the work we’re doing as a Government,” said Premier Dr. Ewart F. Brown, “and the stewardship of the Finance Minister who has dedicated a lot of her focus to this issue. Now more than ever it is important for the country to know its economy is directed by strong and steady hands.”

The Government of Bermuda has co-operated steadily with the OECD since June 2000, working to instill the organisation’s principles on transparency. Bermuda now meets the OECD’s official commitment to transparency requirements for financial and accounting information

It’s a crucial benchmark that makes Bermuda a leader among Overseas Territories which has clearly earned the acclaim of Mr. Timms, the U.K. Financial Secretary.

Minister of Finance and Deputy Premier Paula A. Cox said: “We’re not stopping here. The relevant personnel recently returned from Europe where more critical negotiations are underway that will further enhance Bermuda’s reputation in the finance arena.”

“The Bermuda brand continues to have cachet,” she said.

Governor Sir Richard Gozney also participated in today’s sessions of the OTCC.