Speaking at a recent Institute of Directors dinner, Bermuda's new Governor, Sir John Vereker warned that the eyes of the international community are still on offshore jurisdictions, and suggested that although Bermuda has little to fear, vigilance on the part of the financial services sector is necessary.
Throughout the row in the United States over offshore reincorporation, the low tax jurisdiction has defended its reputation fiercely, arguing that the accusations being bandied about by the US media and politicians are unrepresentative of the actual business climate in Bermuda.
According to a recent Royal Gazette article, Sir John confirmed this at the IOD event, arguing that with regard to adherence to regulatory and transparency best practices, the jurisdiction has nothing to fear.
However, he added that Bermuda should not rest on its laurels: 'We must of course expect the IMF to take a continuing interest in the implementation of agreed measures when they come round the overseas territories in the last quarter of this year. A clean bill of health then will be crucial for the reputation of the offshore finance industry, and weakness in one jurisdiction could tarnish the standing of all.' he explained.
According to the Royal Gazette report, referring to the recent scrutiny of the jurisdiction - and other offshore centres - by multilateral organisations and high tax countries such as the US, the Bermuda Governor told directors that:
'What we are experiencing by way of the international focus of attention on financial services is the start of a process, not the end of an episode.' He added that: 'This is not an exam we have to pass in order to put a certificate on the wall. Global financial stability requires properly regulated markets and institutions, and as the institutions develop and become more global, so that regulation will need to adapt, become ever more sophisticated and extend into effective cross-border cooperation.'
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