Bermuda Opposition Calls For Clarification On OECD Commitments

by Mike Godfrey, for LawAndTax-News.com, Washington

28 October 2003

Bermuda's opposition leader, Dr Grant Gibbons last week criticised the jurisdiction's government for failing to make its current position on the OECD's tax information exchange initiative clear to the Bermudian finance sector.

Following the recent OECD meeting in Ottowa, at which several participants expressed concern over the lack of a "level playing field" between rich OECD members and smaller offshore centres, the Bermudian government issued a statement detailing the general mood of the meeting, but did not state its own position on the issue.

Consequently, Dr Gibbons has urged the authorities to reveal their intended plan of action with regard to the information exchange program.

"It is outrageous and irresponsible that the community and the business sector has not been made aware of what was promised in the annex with a deadline of 2004 or 2005," the Royal Gazette quoted the opposition leader as observing. He continued:

"While most of the Overseas Territories have been responsible in trying to increase transparency and anti-money laundering legislation, this is not against a level playing field. Other jurisdictions have said there should be a level playing field.

Dr Gibbons concluded by suggesting that: "We deserve to understand where Bermuda stands currently and what it is committed to. And does government expect to continue to think Bermuda needs to stay committed now that other nations are not?"

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