Bermuda's financial sector was celebrating for the second time this week after a top international task force left the Island off a hit list of offshore financial centres which engage in money laundering.

The news that Bermuda was not on the Group of Seven's Financial Action Task Force (FATF) list was welcomed by Government and business groups which said it "validated Bermuda's reputation as a high quality and well regulated international financial services centre''.

Gil Galvo, president of the FATF, said the group would hold a "dialogue'' with the offending countries to help them improve legislation and monitoring aimed at reducing money laundering.

The Cayman Islands and the Bahamas were among the 15 countries placed on the list released by the FATF in Paris yesterday.

Others blacklisted were: the Cook Islands, Dominica, Israel, Lebanon, Liechtenstein, Marshall Islands, Nauru, Niue, Panama, Philippines, Russia, St.

Kitts and Nevis and St. Vincent and the Grenadines.

Full story: Business, Page 39