An International Monetary Fund (IMF) report on the state of Bermuda's compliance with anti-money laundering and combatting the financing of terrorism regulations is likely to be made public in mid-November at a Caribbean finance gathering in Costa Rica.

The contents of a draft version of the IMF report have already brought comments from the Finance Ministry that hint at areas of concern for the Island, although the extent of any problems is not yet known.

The Ministry has written to the Washington DC-based IMF with further comments and information it would like to be considered before the report is made public.

A Mid-Ocean News story said the still-unseen report places Bermuda lower in world compliance rankings than Panama, as did a subsequent statement by the Opposition United Bermuda Party.

However the IMF has told The Royal Gazette that: "It does not, and does not plan, to establish 'black-lists' or rank countries according to the level of compliance with Financial Action Task Force recommendations."

According to the IMF the final report will be made public subject to the authorisation by the Bermudian authorities and once it has been adopted by the Caribbean Financial Action Task Force Minister's Council (CFATF). The report is to be presented to the CFATF plenary and ministers' council which meets between November 20 and 23 in San Jose, Costa Rica.

In a statement the IMF said that as the report is still in draft "it is uncertain at this point to determine the extent of the fund's advice of, or the number of areas in need of improvement".