Finance Minister Paula Cox has complained to the editor of an influential business magazine about an article branding Bermuda “the grande dame of pirate destinations” for those with money of dubious origin.

The report, published in Forbes on April 3, was entitled “Got hot money: Here’s where it’s most welcome.”

It lists Antigua, Grenada and the Caymans as having weak regulatory frameworks, before putting Bermuda’s reputation under the spotlight.

“It seems unfair to include this British commonwealth on the list, but its laissez-faire approach to taxes and regulation has drawn in much of the world’s reinsurance business. That’s another industry, like online gambling, that thrives on secrecy and minimal oversight and seems to find its way to sunny islands where the living is easy and prying eyes are on distant shores,” says the report, penned by Daniel Fisher.

Jumping to the defence of the Island’s reputation, Ms Cox said in a statement it was necessary to be “vigilant” and “pro-active” in doing so, which is why she wrote to the magazine’s editor.

“We are focusing on maintaining and improving our regulatory framework, respected around the world by clients and regulators alike,” she said.

Cox defends Island in Forbes