tolerated, top businessmen warned yesterday.

The international business community opened fire after the UK laid out its position on the need for tough new laws to fight money-laundering and white-collar fraud.

Jan Spiering, chairman of the International Business Forum, said: "They have said they `do not anticipate' any fishing expeditions.

"It's extremely important to clarify that and that is not a question of not foreseeing them, but that the law specifically prevents that.'' And he warned that attempts to raid the books of Bermuda businesses would "not be practical nor would it benefit the international business community here because we would not be seen to be a separate jurisdiction''.

Mr. Spiering was speaking after The Royal Gazette revealed the UK's latest position on changes in the law after a flying visit by UK Foreign Office economic relations expert Nicholas Westcott and James London of HM Treasury last month to explain Britain's position.

The two English officials met Premier Pamela Gordon, civil servants and representatives of the business community in a bid to calm fears over proposed changes in the Island's laws.

Britain wants to see the doctrine of dual criminality adopted in Bermuda -- which would make it a crime for someone to commit a tax offence under the law of the UK or other countries -- so-called "fiscal offences''.

It is feared that tough new laws would not only put the Island at a disadvantage compared to other offshore jurisdictions, but also open up the Island's books to fishing expeditions.

Mr. Spiering, however, said the UK had at least addressed the Island's fears in its letter to Government -- but warned that a lot of negotiation had yet to be done.

He said: "I don't see it as particularly bad news -- it's a position they have which we need to discuss with them.

"At the end of the day, it's what we settle on which determines the impact it will have on business.

"There are issues we can discuss and there is room to negotiate and discuss.

It's still much to early to say it's bad news or anything as specific as that.'' Mr. Spiering said there was "a definite move'' internationally and by Britain to address money laundering and tax evasion -- whether through UK Overseas Territories or not.

But he insisted: "It's vitally important we are not seen to be asked to jump over a higher hurdle than anyone else.

"My bottom line is we did clear some points up with the UK at the meeting and it's too early to tell whether it's good news or bad news.

"We have to ensure we remain competitive and that's what we intend to do.'' Mr. Westcott told Government that proposed new laws would not disadvantage Bermuda because they would apply to all Overseas Territories.

He added that last year's Proceeds of Crime Act -- designed to target money-laundering -- did not go far enough.

And the Foreign Office warned that failure to toe the UK line could damage Bermuda's image of clean hands in charge of finance.

But other business chiefs warned that places like the Bahamas and Barbados would "do their own thing'' -- and insisted that Bermuda had to have a "level playing field'' to continue to compete in the global market.

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