LONDON -- Government and business leaders were taking a wait-and-see attitude to calls by Britain Foreign Secretary Robin Cook for Bermuda to tighten up on financial regulations and anti-money laundering laws.

Mr. Cook, in his keynote speech to the Dependent Territories Conference on Wednesday, laid out a raft of measures that territories would have to put in place by the end of 1999.

These include financial regulations which meet international standards, an independent regulatory body possibly funded by a levy on private businesses and Bermuda's cooperation with international investigations.

Mr. Cook said progress by the territories would be checked by the end of this year and completion of the measures would be expected 12 months later.

He also called for "licensing and regulatory regimes for all financial activity that create a level playing field between the Dependent Territories''.

Government officials said they believe Bermuda either meets or is close to meeting all the requirements.

But they said further talks with the Foreign and Commonwealth Office will be required to determine precisely what the British Government is seeking.

Premier Pamela Gordon said Bermuda has requested a visit by a Great Britain Government expert on financial matters.

"We would like him to come to Bermuda and, where there is a divide between what is in place and what the UK wants, to explain why the UK says there is a need to change,'' she said.

"We think this should ease concerns in international business.'' Ms Gordon said she intends to call a meeting of all interested international business leaders to discuss the British proposals. She said the meeting would cover demands for "transparency'' and the level playing field. It is feared this could cost Bermuda its competitive edge in international business.

Bermuda and the other territories with offshore financial centres are also worried about efforts by the European Union to seek information on people who have put money offshore to avoid taxes.

Gibraltar Chief Minister Peter Caruana said the proposals confused privacy of financial information with international crime.

"When crimes have been proved, we want to cooperate,'' he said.

Bank of Bermuda senior vice president for Europe Mickey O'Connor said it was important for Bermuda to retain its leading reputation as a reputable financial centre. And he said Bermuda's financial regulations were regarded as being on a par with the rest of the world's.

But he said Bermuda had always tried to avoid over regulation and it was not clear whether Mr. Cook's recommendations would require an extensive change in philosophy.

WAIT-AND-SEE ATTITUDE -- Foreign Secretary Robin Cook and Premier Pamela Gordon pose for a group picture on Wednesday during the Dependent Territories conference in London.

Local officials seek further talks on British proposals By William Zuill LONDON -- Government and business leaders were taking a wait-and-see attitude to calls by Britain Foreign Secretary Robin Cook for Bermuda to tighten up on financial regulations and anti- money laundering laws.

Mr. Cook, in his keynote speech to the Dependent Territories Conference on Wednesday, laid out a raft of measures that territories would have to put in place by the end of 1999.

These include financial regulations which meet international standards, an independent regulatory body possibly funded by a levy on private businesses and Bermuda's cooperation with international investigations.

Mr. Cook said progress by the territories would be checked by the end of this year and completion of the measures would be expected 12 months later.

He also called for "licensing and regulatory regimes for all financial activity that create a level playing field between the Dependent Territories''.

Government officials said they believe Bermuda either meets or is close to meeting all the requirements.

But they said further talks with the Foreign and Commonwealth Office will be required to determine precisely what the British Government is seeking.

Premier Pamela Gordon said Bermuda has requested a visit by a Great Britain Government expert on financial matters.

"We would like him to come to Bermuda and, where there is a divide between what is in place and what the UK wants, to explain why the UK says there is a need to change,'' she said.

"We think this should ease concerns in international business.'' Ms Gordon said she intends to call a meeting of all interested international business leaders to discuss the British proposals. She said the meeting would cover demands for "transparency'' and the level playing field. It is feared this could cost Bermuda its competitive edge in international business.

Bermuda and the other territories with offshore financial centres are also worried about efforts by the European Union to seek information on people who have put money offshore to avoid taxes.

Gibraltar Chief Minister Peter Caruana said the proposals confused privacy of financial information with international crime.

"When crimes have been proved, we want to cooperate,'' he said.

Bank of Bermuda senior vice president for Europe Mickey O'Connor said it was important for Bermuda to retain its leading reputation as a reputable financial centre. And he said Bermuda's financial regulations were regarded as being on a par with the rest of the world's.

But he said Bermuda had always tried to avoid over regulation and it was not clear whether Mr. Cook's recommendations would require an extensive change in philosophy.