Premier: No qualms over tax transparency for Bermuda

Premier Craig Cannonier is backing Britain Prime Minister David Cameron’s call for transparency in the British Dependent Overseas Territories.

Premier Cannonier said the Prime Minister “is keen to underscore Britain's position on fighting tax evasion and aggressive tax avoidance through tax information exchange and access to information on beneficial ownership of companies.

“Bermuda has no qualms with this. We are already there and we continue to keep abreast of developing standards.”

The Premier praised the work of the Ministry of Finance and the Bermuda Monetary Authority saying their combined effort over the past several decades “has put Bermuda amongst the leading countries in relation to tax information exchange and KYC or ‘know your customer’, which includes having access to information on beneficial ownership companies.”

He added for decades has required companies seeking to incorporate in Bermuda to file beneficial ownership information with the BMA.

“Many of our peer jurisdictions have not caught up in this area. Further, we have recently passed legislation to license all Corporate Service Providers in Bermuda and bring them under the umbrella of the Proceeds of Crime Act that imposes the FATF (Financial Action Task Force) standard on beneficial ownership.

“Bermuda is recognized internationally for its integrity and transparency as a centre for legitimate international business.

“Our job now is to grow the economy again, create jobs and new wealth for Bermudians.

“That is our priority.”