the rules covering exchange controls without any public discussion.

But Sen. Larry Scott (UBP) retorted that the changes were intended to give Mr./Mrs. average Bermudian a "leg up on the financial internet'' and were in no way changed for "clandestine'' reasons.

Sen. Lister made his claim against the Government during the motion to adjourn in the Upper House.

He said the Bermuda Monetary Authority distributed a circular to law firms, and the banks detailing the changes with "no fanfare.'' And he further alleged that no mention was made at the time of the Budget debate.

"These decisions were quietly done,'' he charged. "We take exception to the manner in which this was done and to the relaxation of exchange controls.'' As a result of the changes, Sen. Lister said there were now no limits when Bermudians went overseas to purchase real estate.

"This was a significant change,'' he added, "all done with no fanfare''.

Sen. Lister said the PLP was concerned about what can happen to that money after it left Bermuda.

This was a problem, he said, because Bermudians could sell a home they purchased overseas and then decide to keep that money abroad. Consequently that money does not circulate in Bermuda.

Sen. Lister said Finance Minister the Hon. Dr. David Saul was wrong when he said relaxed exchange controls would allow a third pillar to grow in Bermuda's economy.

"People should be made aware of these changes. They should be explained so that we know the rationale,'' he said.

But Sen. Lynda Milligan-Whyte (UBP) said the PLP was raising the issue as a "red herring'' because the whole issue of exchange controls has been debated for the past two and a half years.

She said Government had canvassed the Bermuda International Business Association, law firms and accounting firms and the Chamber of Commerce before any decision was made.

And the discussions were reported widely in the print and broadcast media so the public was made aware of the debate.

And the Finance Minister had gone on record with a promise to continue to review the situation regarding exchange controls.

"To say the community was not involved is misleading the Bermuda public,'' she said. "BIBA has made representations to the Minister of Finance.

"It is the philosophy of this Government to work hand and hand with the business community. Before any changes were made the business community were given a chance to respond. We do not espouse the view of Government as big brother making all the decisions.'' Sen. Milligan-Whyte said that the "little man'' will be the major benefactor as a result of the change in exchange controls because he/she would be able to make further investments overseas and other broader options instead of just having a local savings account.