Government needs to go easy with the red tape and bureaucracy or international businesses will be scared away.This was the main concern of Senators debating a new law for Bermuda’s financial sectors to keep information and records straight.The Specified Business Legislation Amendment Act 2011 was unanimously passed in the Senate but not until concerns were raised about the Country passing “excessive regulations”. Senators said it felt like the Island was “on a treadmill”.Junior Finance Minister David Burt said the new law to tighten the access and exchange of information would bring Bermuda up to speed with international tax standards.An OECD assessment of Bermuda’s legislative and regulatory framework last year resulted in an ‘all elements in place’ rating, but the report listed several recommendations. This legislation will address those inconsistencies to “set the stage” for phase two of the OECD’s assessment by the end of 2012.Sen Burt said that Bermuda’s assessment had been “very positive” but they had to address the recommendations to prevent “a negative impact on our sterling international reputation”.OBA Senator Michael Dunkley, Shadow Minister for National Security, said although this legislation “doesn’t capture the imaginations of many in the community”, it was important to get it right to secure the future of international business.He said: “This legislation impacts the lifeline of our community and if we don’t get it right, we’ll see our lifeline getting weaker and sinking and sinking.“Up until this time we have some pretty successful businesses and we want to do all we can to maintain them and enable them to grow from strength to strength.”However, Sen Dunkley said Government should be being proactive and leading, rather than following along. He questioned whether the legislation was focused on “a broad brush approach” that was just introducing more red tape.He also questioned whether “the extra layer of bureaucracy” would increase the cost of doing business in Bermuda.Sen Dunkley said: “I want us to do what is necessary and right to protect our position moving forward. But we need to do it because we believe it is right, not because we are being forced.“This is just going to be one step of many steps and many more in the future.“We have to ask what are the next steps going to be? Looking down the road there could be future threats to our business model.”Independent Senator Hughes, vice president of the Senate, said it felt like Bermuda was being told to “follow suit or try to go it alone”.He said: “I’d like to think that everyone else is having to do the same things, or at least I hope they are.“We’re on this treadmill now and we just have to go along the best we can.“But there’s a limit to how far we can push businesses without them looking around for alternatives.”However, Government Senator Kim Wilson said it was “yet another example” of what Government was doing to meet international standards.She said: “This legislation is definitely important to international businesses. It ensures businesses are following the best practices.“The Joe Blow public may not understand the importance, but companies certainly will. They will be comforted by the fact that the proper safeguards are in place so that abuses do not take place.“This will help generate business, employment and money. The benefits will filter all the way down to shops, restaurants and the like.“It means we will continue to be a jurisdiction of choice.”