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Bermuda Monetary Authority Says Island Will Not Be Cowed By International Bodies

Sue Stuart, Royal Gazette

09 February 2001

This story is reproduced by kind permission of the Royal Gazette at: http://www.accessbda.bm

The chairman of the Bermuda Monetary Authority has taken a defiant stance against international organisations which, she claims, try to exert pressure on how the Island does business.

Addressing the Hamilton Rotary Club yesterday BMA chairman Cheryl-Ann Lister said that Bermuda would not slavishly follow recommendations of various international bodies on how the Island's financial services sector should be regulated.

" While it often seems that Bermuda's response has to be entirely driven by the various international pressures confronting us, the reality is that we continue to set our own agenda," she said.

"We will introduce those improvements that we know make sense from the point of view of our need to preserve the quality of our jurisdiction and commitment to international standards, while ensuring that we maintain the conditions necessary for our financial markets to develop and thrive."

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