Bermuda will face further regulatory changes when the International Monetary Fund?s 2003 review is published, according to Minister of Finance Paula Cox.

But as the report has not yet been published, the Minister said she could not be more specific on what those changes would be at a Press conference following the Budget.

She said during the Budget that the Government was transferring $3.5 million to the Bermuda Monetary Authority to make it more independent following the International Monetary Fund?s 2003 Review.

Ms Cox said: ?The decision on this matter was reached in December 2003 following consultations between the BMA and the Ministry of Finance on the likely implications of the International Monetary Fund?s March 2003 review of Bermuda?s supervisory and regulatory framework for the financial services sector.?

Ms Cox said that Bermuda?s success as an international business jurisdiction had attracted the attention of supra-national bodies such as the International Monetary Fund.

?You may recall that the IMF conducted an assessment of Bermuda?s financial service supervisory and regulatory regimes in March 2003,? she said in the Budget. ?The finalisation of the Report is on-going but there are clear signals for some further changes and enhancements to our supervisory and regulatory processes.?