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UK To Review Bermuda and Caribbean IOFCs

Tax-news.com

25 September 1999


Baroness Scotland, UK Minister for Overseas Territories, announced this week that the UK Government would commission a report on its Caribbean Dependent Territories (the Cayman Islands, BVI, Anguilla, the Turks and Caicos and Montserrat), and Bermuda. Like the Edwards Report on Jersey, Guernsey and IOM, this report will focus on financial regulation, with a particular eye to money-laundering. Bankers and regulators in the jurisdictions immediately welcomed the proposal, saying that they were confident of being given a good report. Most of them are on the OECD's 'black list' of jurisdictions which offer 'harmful tax competition' and/or lax regulatory standards. A very cynical person might think that the British Government and its Dependent Territories are on the same side . . . . The Government is outsourcing the contract for the report, and a company is likely to be selected by the end of this year.

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