Bermuda?s stringent regulatory framework is the reason behind the success of the Island as an international business jurisdiction, Premier Alex Scott told the 5th Annual Euromoney/Latin Finance Caribbean Investment Forum on Monday.

Giving his keynote address at the forum in Port of Spain, Trinidad, the Premier said Bermuda was a ?global player? in the world of international business, and that problems triggering probes into some companies were problems within the companies, not with Bermuda the jurisdiction. The Premier also touched on Bermuda?s sovereignty, saying that the Island can attribute much of its economic success to political stability.

Since its inception in 2000 the forum has focused on the financial strategies involved in creating a Caribbean Single Market and Economy (CSME). The region is working towards a single currency and central bank by 2008. According to forum organisers, the Caribbean continues to face globalisation challenges, because individually the separate economies of Caribbean countries are considered miniscule in the overall global market.

The CSME was cited by former Caribbean diplomat Sir Ronald Saunders in a recent e-mail interview with after he published an article questioning why Bermuda would want to bother with Independence in today?s world.

In his article, published in Caribbean Net News, Sir Ronald said many countries within the Caribbean which have gone Independent are being forced to come together and ?pool the instruments of their Independence? as alone they are unable to compete globally.

Sir Ronald noted four other ?practical examples of (Caribbean countries) not ?going it alone?? in his email to ; including a single body to negotiate external economic trades for the entire region, and the creation of a Caribbean Court of Justice to be used as a court of original jurisdiction for disputes arising out of the CARICOM Treaty.