avoid an international hitlist of dodgy financial jurisdictions would be damaged by Government's announcement that electronic commerce was the business of the future.

For the Organisation for Economic Cooperation and Development -- currently probing Bermuda's tax system and compiling a blacklist of offshore centres -- is to hold a massive top-level conference in Canada starting today to promote the new hi-tech way of doing business.

And Finance Minister Dr. Gibbons said: "To say the OECD will be scared off by e-commerce is ridiculous in the extreme.

"The OECD understands. They are embracing this exciting technology for their membership and are sponsoring a very large Ministerial conference.'' He added: "I was, and continue to be, astounded by his use of innuendo, his scaremongering and most importantly, his lack of understanding.

"Mr. Cox is just plain wrong and would be seen as such in any jurisdiction in the world.'' And he pointed out: "There is such interest at the OECD level that the conference is oversubscribed. This fact speaks for itself.'' Dr. Gibbons said: "If the PLP doesn't understand e-commerce, they should do their homework first and then speak.

"It hurts Bermuda to cover a lack of understanding and a fear of embracing the future by fear-mongering and half-truths. The people of Bermuda need forward-looking leadership which will take them into the future -- not back into the dark ages.'' Mr. Cox said on Monday that the Island had to be careful that any new e-commerce initiatives "are not seen to work in opposition to efforts to get Bermuda considered a non-harmful tax jurisdiction, especially at a time when our country is already under serious scrutiny by the OECD for allegedly engaging in `harmful tax competition'.'' And he warned that Bermuda "must be mindful of the uses that e-commerce can be put to...'' But Dr. Gibbons said: "The UBP recognises that there are always those who will negatively exploit new forms of business. We will not allow these individuals to practise in our country.'' And he pointed the new blueprint pledged to "ensure privacy and security on the one hand and prevent fraud on the other.'' Dr. Gibbons added: "We understand and we know how to meet the challenges of change. Our record speaks for itself.

"We know our customers and careful vetting by the Bermuda Monetary Authority and the Ministry of Finance has protected our reputation as a premier business centre.

"The UBP Government would be irresponsible and derelict in its duty to Bermudians if we did not grasp a part of this opportunity for our people -- there is no other choice.

"We will search out jobs and entrepreneurial opportunities for Bermudians wherever and whenever we can.'' The OECD announcement of the Ottawa conference said the OECD was seeking to build on a meeting last year which asked delegates to identify barriers to development of e-commerce.

And it echoes the Bermuda position by saying "to flourish, on-line buying and selling must be accessible and predictable and provide the same safeguards as other forms of trade''.

"To create such an environment, permitting further growth and inspiring user confidence, governments, the private sector and international organisations must work in concert, addressing such vital areas as taxation, consumer protection and privacy.'' Dr. Gibbons added that Singapore, the US, the UK and Canada were already planning to ride the crest of the new e-commerce wave -- and Canada had only last week presented legislation on the issue to its Parliament.

He said Canada hoped to increase its five percent share of the new industry -- equivalent to $16 billion a year by 2002 -- to ten percent, or $33 billion a year.

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