saved them from being blacklisted as a harmful tax jurisdiction by the powerful Organisation for Economic Cooperation and Development (OECD).

Bermuda was also among the six jurisdictions which hammered out a customised deal with the OECD to protect its reputation and safeguard against threatened sanctions.

Finance Minister Eugene Cox since signing the agreement in June has repeatedly refused to make its details public. But in the wake of the Caymanians release Shadow Finance Minister, Grant Gibbons renewed his call for the Bermuda annex to be revealed.

------------ The following are all the measures contained in the attachment to the Cayman Islands advance commitment to the OECD.

------------ 1 In relation to effective Exchange of Information the Cayman Islands commits to implement: Exchange of Information on criminal tax matters to be effective for the first tax year after December 31, 2003 under bi-lateral agreements to be negotiated.

Exchange of Information on civil and administrative tax matters to be effective for the tax year after December 31, 2005 under bi-lateral agreements to be negotiated.

Information will be provided only on the basis of a specific request relevant to a tax examination or investigation conducted in accordance with the laws of the requesting state.

Requests by foreign tax authorities will be submitted to a competent authority in the Cayman Islands in a procedure similar to that existing under the current Mutual assistance Treaty with the US in which the Cayman islands' Chief Justice acts as the competent authority.

The implementation of this commitment will provide an effective gateway for the disclosure of relevant information while recognising the legitimacy of bank secrecy in protecting the confidentiality of financial affairs.

Confidentiality provisions to ensure that information exchanged is adequately protected from unauthorised disclosure will be included in the implementation of this commitment.

It is not intended that the arguments negotiated for the exchange of information be retroactive.

*** 2 With regards to the issue of transparency: Bearer shares will be abolished or the identity of the beneficial owners of such will be available for the purpose of exchange of information subject to the safeguard mentioned above.

The Confidential Relationships (Preservations) Law 1976 (CRPL) will be repealed and replaced with appropriate information disclosure legislation, which will protect legitimate confidential information and maintain the soundness of the financial system.

The existing code of practice under the Proceeds of Criminal Conduct Law 1996, which emphasises the `know your customer' principle, has been issued and will be revised from time to time.

Proper and necessary records of beneficial ownership will be kept and retained in accordance with the code. Where considered necessary some of the provisions of the code may be mandated by appropriate regulations.

appropriate filing or auditing requirements for foreign owned entities providing cross border financial and other service activities regarded as being geographically mobile are to be put in a place where they do not presently exist, subject to the rules for the exclusion of activities or entities below a certain threshold.

*** 3 In relation to the absence of substantial activities: The existing Companies Law, partnership Law and other related laws will be amended to create one type of company, partnership, or trust structure as the case may be, or such laws will be amended to apply equally to residents and non-residents in relation to any preferential treatment that may exist under current laws ( referred to as `ring fencing' by the OECD).

Local immigration and business licensing requirements currently in force including the local companies control law will not be interfered with.

A policy directive will be issued by Government advising service providers that aggressive marketing policies based exclusively or primarily on confidential or secrecy are not in the national interest and should not be pursued.

Eugene Cox BUSINESS BUC