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PLP Government Implementing Global Financial Standards

The OECD Global Forum is underway right here in Bermuda. It's a testament to our leadership and our regulatory environment that we are hosting such an event.

Premier Paula Cox noted Bermuda's progress implementing the OECD's standard:

Bermuda has done much to implement the Standard. We take our role as a responsible and trusted global citizen seriously.

In endorsing the internationally agreed Standard in the year 2000, Bermuda affirmed its long-standing position it does not adopt or promote measures that have been characterized as harmful, such as legislating bank secrecy or embedding in legislation similar measures that prevent disclosure of information.

Bermuda continues to negotiate and conclude TIEAs and other Agreements relating to taxation that provide for the exchange of information on tax matters to the OECD standard – 24 to date.

Bermuda has participated in the peer review process by both contributing assessors, trainers, and being in the first round of those who were peer-reviewed. At its last meeting, the Global Forum reviewed and ratified Bermuda’s Phase 1 Peer Review Report, with the determinations that Bermuda meets all elements, with some recommendations.

On May 20th, I tabled the Specified Business Legislation Amendment Act 2011 that will address these recommendations. I have asked our Legislature to work to pass this Bill through both our Parliament and Senate by the end of June. When it becomes law, we shall forward it to the PRG as part of our 12 Month Report to our Phase One assessment adopted by this body at the September 2010 Global Forum.

Bermuda is also committed to working with fellow Global Forum members to drive the implementation of the Standard on a global scale. We will continue to play our part as a Vice-Chair of the Steering Group and contribute actively to efforts to advance the Global Forum’s mandate, at the same time continuing to ensure that the perspective of small jurisdictions is considered.

Thanks to Premier Paula Cox and the PLP's leadership, Bermuda is moving forward. We're recognized as a global leader and held up as an example for other countries to follow. The strength of our jurisdiction is the reason that we are hosting the OECD Global Forum.

We are honoured to host this event and we wish the participating nations much success.

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