Bermudian Premier Seeks To Restore Island's Reputation To US
by Amanda Banks, Tax-News.com, London
05 November 2003

In the latest throne speech setting out the government’s legislative programme for the coming year, Bermudan Premier Alex Scott strove to calm the fears of American lawmakers by highlighting tough new domestic laws designed to crack down on fraud and money laundering activity.

“I appreciate the US is becoming a little uncomfortable with offshore destinations that deal in business that attracts their corporate citizens,” Mr Scott explained, continuing: “We are going to again make sure that the way we address things like money laundering the ability to fund terrorist activity doesn’t take place here.”

“It will be obvious Bermuda has a very tight regime against practices of that sort which will make the US far more comfortable,” added the Premier, suggesting that Bermuda’s reputation will be enhanced by amendments to the 1997 Proceeds of Crime Act, which are aimed at strengthening anti-money laundering and terrorist financing provisions.

“The message it sends is this destination, as a place to set up business, is very definitely at the top,” the Premier announced.

"When you get the second largest bank (in the world) choosing Bermuda we don’t have to worry about our reputation,” he observed, referring to the recently agreed takeover of the Bank of Bermuda by HSBC.

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