The news service suggested last week that it had: 'learnt that officials from the BVI originally felt that there was nothing fundamentally wrong with signing on to the EU directive, but subsequently changed their position and agreed with the other COT members to commission an economic impact assessment.'

However, when questioned by Cayman Net News, Executive Director of the BVI's Financial Centre, Lorna Smith declined to comment on the jurisdiction's position on the matter prior to the COT meeting:

'It would not be appropriate for me to discuss what transpired in those private meetings, but what I think is of critical importance is the fact that the BVI was part of the communique and agreed with the position that was enunciated in that statement,' she explained.

Mrs Smith went on to add that the BVI's official position on the issue will be publicised after the draft report on the likely economic impact for the COT of the directive is completed, later this month.