The Progressive Labour Party - in the past three years - has worked methodically to strengthen the Island's reputation as an offshore jurisdiction.

Under their watch, Bermuda has complied with international anti-laundering initiatives, in addition to moving towards compliance with KPMG and OECD recommendations.

The PLP's 1998 election platform underscored that committment with varied promises. These included: "working in cooperation with the business community to formulate legislative measures to enhance Bermuda competitiveness in the global economy. And to avert decisions inimical to Bermuda by active lobbying and strategic regional alliances in cases where international financial regulators have focus on offshore jurisdictions like Bermuda."

In the interim the Government has moved forward on a number of pieces of legislation, and ammendments to existing legislation. And last week's Throne Speech underscored the PLP's commitment to continue its implementation of recommendations from last year's KPMG report and sector by sector scrutiny with the spotlight now turned on mutual funds.

The Throne Speech read: "Legislative initiatives will be aimed at improving Bermuda's competitiveness as a jurisdiction by further streamlining the incorporation process, facilitating registration of foreign names and addressing conflict of laws issues for registered securities."

Specifically, the Government is looking at changes, which may result in entirely new legislation, to the Bermuda Monetary Authority (Collective Investment Scheme Classification) Regulations 1998. This is designed to give the BMA greater enforcement and supervisory powers in the area of mutual funds and unit trust schemes.

Legislative changes are also to come, during the parliamentary year, in the following areas: the Investment Business Act 1998, the Segregated Companies Act 2000 and improvements to the Trusts (Regulation of Trust Business) Act 2001.

One thing that has not occurred under the PLP's reign is their intention to table legislation to amend the Tax Exempt Undertakings Act 1996 to extend the provisions of this Act beyond the current expiry date of 2016 for an additional four-year period, to 2020.