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Gibbons to argue case at Finance talks

British Chancellor of the Exchequer Gordon Brown is to be targeted in a new bid to keep Bermuda off an international financial hitlist.

For his Bermuda equivalent, Finance Minister Grant Gibbons, is to use a Commonwealth Finance Minister's meeting in Canada to petition Mr. Brown on the Island's behalf.

Dr. Gibbons said the meeting, which starts in Ottawa tomorrow, does not have a three-pronged attack by different international bodies against dodgy offshore jurisdictions on the agenda.

But he added: "I certainly will take the opportunity to have a chat to him about Bermuda and some of the issues we're facing due to the European Union association with the UK and also because of the Organisation for Economic Cooperation and Development (OECD) initiative.'' He said: "It will probably be off the formal agenda, but this is my fourth time and after that we have a greater working relationship with some of the people who are attending the meeting.

"One of the things it will allow me to do is reinforce what Bermuda is all about -- we are very well-run.'' The OECD has never released the 30 countries it has asked for information from in its crackdown on "harmful tax regimes''.

It is understood several Commonwealth countries -- including the Bahamas -- have come under the OECD spotlight.

Other Commonwealth members or associates in the Caribbean and Pacific are also thought to be targets.

The G8 group of the major economic powers have also turned its eyes on the lucrative offshore industry.

Fifty-five Commonwealth Ministers of Finance are to gather in the Canadian city for the annual event, hosted by Bermuda two years ago.

In addition, top civil servants from the UK Foreign Office, currently drawing up a much-trumpeted new deal for the colonies, are also expected to attend.

Expected to be on the agenda are hot issues like money-laundering, the knock-on effect of the meltdown of the `tiger economies' of south-east Asia and the computer millenium bomb.

Dr. Gibbons said: "There are subjects on and off the official agenda and we can get a a sense of what the Finance Ministers of the various countries are interested in and often get a heads up on what's coming.'' He added Bermuda had been congratulated last year for running a well-oiled conference machine in 1996 -- which could be an asset in convincing international watchdogs that Bermuda and its financial institutions are clean.

Dr. Gibbons said: "I was told we had organised and run one of the better Commonwealth Finance Ministers' meetings which is obviously very helpful because people got a good understanding of how well organised Bermuda is and the well-ordered manner in which we run the Country.

"That's beneficial with the supervision of financial services providers and other things.'' Dr. Gibbons added: "In many respects, this is all part of the increasing role what might be called economic foreign policy is playing for Bermuda.''