Burt: Bermuda sets international standard
David Burt, the Premier, has defended Bermuda’s reputation as a financial services jurisdiction in the wake of a data breach at a local firm that drew international attention.
A statement issued this morning said that the Bermuda Government noted “recent continuing reporting on matters arising from an illegal, multi-territory cyber breach of an international offshore legal services firm, including its office in Bermuda”.
It follows revelations that Appleby, a locally founded firm, had been the target of a cyberattack, with a raft of confidential documents, dubbed the “Paradise Papers”, stolen and leaked to the press.
The Government is continuing a “review of all matters concerned”, the statement said.
The statement quoted Angel Gurria, the Secretary General of the Organisation for Economic Cooperation and Development, who said earlier this month that “quite literally there is no place to hide” on tax avoidance.
Those remarks came at a Confederation of British Industry conference in London.
Mr Gurria was referring to international co-operation agreements, “in which Bermuda has played a prominent role”, the statement said, putting the island “already in step with leading regulatory standards”.
Mr Burt said: “We are fully compliant as an administration with all our international obligations with mutual tax treaties that represent agreements with over 100 countries.
“Today, we wish formally to call on all G20 and OECD members to meet what people are already calling the ‘Bermuda Standard’ immediately. We will be pressing this case at every opportunity.”
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