A year after revealing the results of the 2003 International Monetary Fund review of the Island?s regulatory regime, the Bermuda Monetary Authority is already preparing for another IMF visit.

IMF reviewers are due to visit Bermuda, alongside more than 40 other jurisdictions, in 2007 as part of an ongoing assessment of offshore regulatory regimes.

The upcoming visit by the IMF visit will focus primarily on assessing Bermuda?s progress in complying with the International Association of Insurance Supervisors 28 Core Principles. When reviewers were here in 2003, those international standards had just been introduced.

The IMF also plans to review Bermuda?s regimes for anti-money laundering and combating the financing of terrorism against international best practice. There will be a more general assessment of the Island?s regimes for banking and investment since these areas did not raise any concerns of note in the Imo?s 2003 assessment.

Supervisor of Insurance Jeremy Cox said that the Authority continued to work through to 2007 to ensure that the ?health check? by the IMF was positive. A good check-up from the independent reviewers translates into a positive message about the Bermuda market.