14 June 2007 | The Royal Gazette

US politicians who want to introduce legislation that could impact on Bermuda's international business sector will be told today that the Island is "not the wild, wild west."

Deputy Premier Paula Cox told The Royal Gazette she intended to use a whirlwind two-day trip to Washington, DC to hammer home the message to Senators and Congressmen on Capitol Hill that Bermuda is an "efficient and effective regulatory environment."

The Finance Minister - who arrived in the American capital shortly before 7 p.m. last night - is part of a Government delegation led by Premier Ewart Brown and escorted by US Consul General Gregory Slayton.

The trip - the second visit by a Progressive Labour Party Government to Capitol Hill - will see the Island's leaders meet a raft of Democrats, who now hold the balance of power in both the House of Representatives and the Senate, and several Republicans.

Senior Senators from both parties - including Republican Norm Coleman, whom the delegation will meet - have proposed legislation to curb the loss of billions of dollars of tax revenue to overseas tax havens such as Bermuda.

Supporters say the new laws would combat abusive tax shelters and uncooperative offshore tax havens used by businesses and individuals to dodge payment of their US taxes. Ms Cox, speaking exclusively to this newspaper, said the DC trip would give her and the Premier the opportunity to tackle the topic with key opinion makers.

"We are not the wild, wild west but have a regulatory environment that seeks to get the balance right and we have nothing to be ashamed of vis-a-vis our regulatory framework," she said.

"Telling the Bermuda story is therefore important and these visits are key in our continuum of international economic diplomacy and strategic relationship building generally." MORE! »