Fresh laws to crack down on financial crime are aimed at winning Washington?s approval, said Premier Alex Scott.

In the Throne Speech, Government promised a more robust approach to prosecuting white-collar crime by increasing the powers of the Bermuda Monetary Authority to detect and investigate financial crime.

Government also proposes amending the Proceeds of Crime Act 1997 to strengthen provisions guarding against money laundering and add new measures to target the financing of terrorist activities.

Mr. Scott said: ?I appreciate the US is becoming a little uncomfortable with offshore destinations that deal in business that attracts their corporate citizens.

?We are going to again make sure that the way we address things like money laundering the ability to fund terrorist activity doesn?t take place here.

?It will be obvious Bermuda has a very tight regime against practices of that sort which will make the US far more comfortable.

?I think Bermuda?s very good reputation will be enhanced. We obviously worked with the Bank of Bermuda in the transaction between HSBC and the Bank of Bermuda.

?What it says about the country is we are not only diversifying our financial sector but where we used to have a global presence I think we now have a global reach, this means that Bermuda, through its partner in banking, can reach around the world.

?We can now, in the case of folks who are employed in the bank, get opportunities around the world.

?The message it sends is this destination, as a place to set up business, is very definitely at the top. When you get the second largest bank (in the world) choosing Bermuda we don?t have to worry about our reputation.?

Also promised in the Throne Speech is further action on modernising financial services legislation in line with recommendations made in 2000 by accountants KPMG who conducted a review of overseas territories for the British Government.

Mr. Scott said: ?Bermuda meets all that the KPMG and other regulatory bodies require and we are going to basically conduct and continue the review in such a fashion that if we don?t stay where they want us to be we stay ahead of where they think we should be.

?Bermuda has set the pace and we will continue to do so.?