David Burt, the Premier, met yesterday with Stephen Doughty, the Minister of State for the Overseas Territories, to discuss sanctions, policy and potential areas of collaboration.

A government spokeswoman said the meeting covered a “wide range” of subjects including security, trade and the environment with a particular focus on sanctions.

The spokeswoman added that Mr Doughty and Mr Burt signed a memorandum of understanding under which Britain would make up to £300,000 (about $403,000) this financial year for initiatives to enhance Bermuda’s sanctions capacity and capability.

“Recognising Bermuda as a global leader in the provision of high-quality insurance and reinsurance services, Mr Doughty praised Bermuda’s efforts to implement UK sanctions, including freezing over $200 million of sanctioned assets,” the spokeswoman said.

“Mr Doughty and Mr Burt reaffirmed the importance of robust sanctions implementation and enforcement across the UK family, and both agreed that there should be no safe haven for those seeking to evade or circumvent UK sanctions.”

The spokeswoman said Mr Doughty and Mr Burt also discussed Bermuda’s efforts to implement a legitimate interest access register of beneficial ownership, with British and Bermuda officials committed to remain in contact to discuss policy proposals as they are developed.

Mr Doughty also reiterated the “firm commitment” of the British Government to the sovereignty, security and defence of the island and all Overseas Territories.