banking community'', are not likely to have a big impact on Bermuda, according to Cayman-based lawyer, Mr. Charles Quin.

The ruling will keep financial information about Cayman-registered Worldwide Financial Holdings (WFH) out of the hands of a Peruvian congressional committee after an appeal court last week overturned a previous ruling.

"It could have created a dangerous and loose precedent,'' had the appeal court upheld the prior decision to release information about the company, Mr.

Quin said.

A partner with Paget-Brown Quin & Hampson, Mr. Quin was acting as legal counsel for WFH.

There is an established mechanism for legitimate requests of information between Bermuda and Cayman, noted Mr. Quin, referring to the rogatory commission, a method by which one court can request information from another.

Mr. Peter Rodger, senior vice president and group legal advisor with the Bank of N.T. Butterfield, said he could not comment specifically on the Cayman case but noted that the ruling ultimately is not likely to have a great deal to do with Bermuda.

"Obviously the appeal court weighed the respective objections to providing the information, most countries do not just hand over information, a foreign agency just cannot come to Bermuda and receive information.'' Those following the court case will have until at least January to determine on what grounds the court granted the appeal.

"We submitted four arguments; that the Peruvian congressional commission (CITEL) was not a tribunal and that it was seeking pre-trial discovery,'' explained Mr. Quin, a British subject who served as a Crown counsel in Bermuda from 1981-84.

He also argued the committee was seeking too wide a range of information, and to comply with the Cayman's Evidence and Other Jurisdictions Order 1978, there were no proceedings taking place which would require any information pertaining to WFH be released.

Mr. Quin told Associated Press that the Peruvian committee was claiming money went to WFH which should not have, an allegation the company has denied, and that the committee alleged former Peruvian President Alan Garcia Perez is linked to WFH.

According to Mr. Eldon Trimingham, chairman of the Bank of Bermuda board of directors, Bermuda's banks go to great lengths to prevent money laundering.

"It is something we take very seriously,'' he commented.

The Peruvian Congressional committee could appeal to the British Privy Council but Mr. Quin said since the Cayman appeal was granted on December 12, 1994 he has not been informed of such an action.

Cayman has a Mutual Legal Assistance Treaty (MLAT) with the US giving American interests the opportunity to investigate into alleged securities fraud in that island jurisdiction.