Bermuda Pledges To Release Findings Of IMF Review

by Amanda Banks, Tax-News.com, London

14 July 2004

According to a report in the Royal Gazette, the government of Bermuda has reaffirmed its pledge to make public an International Monetary Fund report into the island’s regulatory and supervisory regime, although has stopped short at naming a date for the release of the information.

“I can confirm that Government is committed to publishing the report once it is to hand, but I have no information as to when the IMF will complete the report other than to say that it is expected within this calendar year,” Financial Secretary Donald Scott told the Gazette.

The report, the result of an IMF examination of Bermuda’s financial sector laws last year, was originally expected to be released in March, although ongoing discussions between the institution and the Bermuda Monetary Authority have delayed its release.

While scant detail is known as to the contents of the IMF's report, Finance Minster Paula Cox has previously indicated that it will likely recommend further changes to the jurisdiction’s regulatory framework.

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