Top UK Official Praises Bermuda's Cooperation With OECD

by Amanda Banks, Tax-News.com, London

03 November 2008

Financial Secretary to the Treasury, Stephen Timms, has praised the government of Bermuda for its commitment to the standards that the Organisation for Economic Co-operation and Development (OECD) has set out on issues like tax information exchange and anti-money laundering.

Mr. Timms’s comments came during the Overseas Territories Consultative Council (OTCC) meetings in London on Wednesday.

After his presentation to leaders of the Overseas Territories, Timms said: “If on tax information exchange everyone had made as much progress as Bermuda the world would be better off.”

“The UK Financial Secretary’s comments are a strong endorsement of the work we’re doing as a government,” said Bermuda Premier Ewart F. Brown, “and the stewardship of the Finance Minister (Paula Cox) who has dedicated a lot of her focus to this issue. Now more than ever it is important for the country to know its economy is directed by strong and steady hands.”

The government of Bermuda has co-operated steadily with the OECD since June 2000, working to implement the organisation’s principles on transparency.

Minister of Finance and Deputy Premier Cox said: “We’re not stopping here. The relevant personnel recently returned from Europe where more critical negotiations are underway that will further enhance Bermuda’s reputation in the finance arena.”

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