Bermuda's commitment to raising financial sector regulatory standards and the delivery of tax transparency has been welcomed by the UK Minister for the Foreign & Commonwealth Office Henry Bellingham.

Writing in a letter to Finance Minister Paula Cox, Mr. Bellingham said: "I welcome the commitment shown by Bermuda to meeting international financial sector standards and engaging in the process.

"Bermuda's position at the heart of the Global Forum on Tax Transparency and Exchange of information and the forum's decision to meet in Bermuda next year can only serve to improve international understanding of your approach."

The UK Minister also wrote: "I look forward to working with you as you demonstrate Bermuda's continuing commitment to be a transparent and co-operative jurisdiction."

Minister Cox thanked Mr. Bellingham, adding: "While I cannot pre-empt the recent OECD Peer Review Group (PRG) meeting which took place in the Bahamas on July 20 to 22, 2010, Bermuda was pleased to accept the assessment report the PRG approved in respect of Bermuda."