host countries, it has been revealed.

The Commonwealth Business Council -- which represents the private sector to Commonwealth governments -- will have the draft regulations ready for the next Commonwealth Finance Ministers meeting.

Finance Ministers also backed a report designed to promote good government and eliminate financial corruption.

The news came as Finance Ministers ended their annual conference, held this time in the Caymans and attended by Finance Minister Eugene Cox.

The conference -- where Bermuda has observer status only and is represented by the UK because of the Island's position as a UK Overseas Territory -- also looked at ways to protect the world financial system from major regional crises.

Mr. Cox said attendance at the conference could be valuable in helping Bermuda keep off international financial hitlists.