Bermuda's success in meeting the highest international
standards of regulatory compliance has been confirmed with recent
recognition from a number of international bodies focused on
taxation, anti-money laundering, insurance regulation and aviation
safety.
The island was amongst those moved to the EU's list of fully
cooperative tax jurisdictions on 18 February. Recent amendments to
the Investment Funds Act 2006 requiring closed-ended funds to be
registered with the Bermuda Monetary Authority satisfied the
EU's Economic and Financial Affairs Council (ECOFIN) that
Bermuda has implemented "all the necessary reforms to comply
with EU tax good governance principles".
This recognition follows a top rating from the Caribbean
Financial Action Task Force (FATF) for its anti-money laundering
and anti-terrorist financing regime. The announcement was made at
the end of January following a review of the jurisdiction carried
out over nearly two years. The FATF assessment placed
