An international report on Bermuda's ability to tackle money laundering and combat terrorism financing, is not to be made public until after the forthcoming general election.

The International Monetary Fund report, based on an inspection carried out earlier this year, has been presented to Caribbean financial leaders at a high-level meeting in San Jose, Costa Rica.

But for now it is to remain out of sight of the public, although it is expected to be released "by the end of December", according to the Finance Ministry. The island goes to the polls on December 18.

In September both Finance Minister Paula Cox and permanent secretary Donald Scott hinted that a number of challenges for Bermuda had been identified in an early draft of the IMF report.

While speaking of the positive outcome for the Island regarding the still-classified report, Ms Cox said yesterday there was still work to be done in Bermuda, and she again indicated that the private sector on the Island has to do its part.

The IMF draft report was placed before the Caribbean Financial Action Task Force when it met in San Jose, Costa Rica last week, but not before Bermuda's finance secretary Mr. Scott and a team from the Ministry had held a last-minute meeing with the IMF assessment team before the 26th CFATF Plenary.

Mr. Scott is chairman of Bermuda's national anti-money laundering committee.

While the finalised report is expected to be available to the public by the end of December, Finance Minister Paula Cox summed up the Costa Rica plenary session, which included consideration of the IMF assessment of Bermuda's anti-money laundering and counter-terrorist financing regimes, as achieving a "positive outcome" for Bermuda.

In a statement from the Ministry following the Caribbean event and the team's pre-plenary session discussions with the IMF assessors, it said: "The meeting was positive as the outcome was an improvement in a number of the ratings for Bermuda against the FATF recommendations. The draft assessment report was adopted by the Plenary as amended on November 21 and accepted by the ministerial meeting of the CFATF on November 23."

Bermuda was nominated by the Cayman Islands to serve on the steering committee of the CFATF and, together with the Bahamas and Honduras, were successfully voted onto the steering committee in the ensuing ballot.

Finance minister Ms. Cox said: "Bermuda sent a strong team to the CFATF Plenary Meeting in Costa Rica and the Government is extremely pleased with the positive outcome.

"Financial secretary Mr. Scott provided the strategic and tactical leadership for the team that consisted of representatives from the Ministry of Finance, the Ministry of Justice, the Attorney-General's Chambers, the Office of the Department of Public Prosecutions, the Bermuda Police Service and the Bermuda Monetary Authority - the independent regulator of Bermuda's financial services sector.

"It was an important and challenging meeting and the Government congratulates the entire team, bar none, for a solid accomplishment that will stand Bermuda in good stead.

"However, I wish to note that the work is not over and the way ahead for Bermuda as a jurisdiction will require the committed involvement of the private sector in partnership with Government to sustain the pace of implementation in the enhancements required for 'Bermuda's anti-money laundering and counter-terrorist financing regimes."

According to the Ministry, having been approved by the CFATF Plenary, the finalised IMF evaluation report is expected to be available for release by the end of December 2007.

Last month an IMF spokeswoman told The Royal Gazette the detailed assessment report would be published once it had been presented to the CFATF, "if the authorities consent to the publication."