International business bodies last night welcomed the news that Bermuda has been removed from the OECD "grey list", writes Jonathan Kent.

But David Ezekiel, chairman of the Association of Bermuda International Companies (ABIC), said the work needed to continue to keep up with standards that were likely to rise further.

"I think it's excellent news," Mr. Ezekiel said. "This was expected and all who played their part should be congratulated. A major first step has been achieved by the Ministry of Finance.

"But we need to keep working on tax information exchange agreements, because there is a possibility that the bar could be raised at any time, as this issue is all mixed up with regulation and politics."

Mr. Ezekiel added that this was "another piece of noise out of the way" for the Island.

A statement from the Association of Bermuda Insurers and Reinsurers congratulated Finance Minister Paula Cox and her team for the achievement.

"The finding by the OECD that Bermuda is in substantial compliance with its tax transparency and a cooperation standard is significant," ABIR stated.

"It's a testament to the fact that Bermuda willingly cooperates on tax information and enforcement matters with other trading partners.

"It confirms the long-standing recognition by the US Treasury and the OECD that Bermuda is a transparent and cooperative jurisdiction.

"Bermuda has never been a bank secrecy jurisdiction and Bermuda has been at the forefront of international anti-money laundering initiatives."