in the Bahamas could "devastate'' Bermuda's economy, Premier Pamela Gordon warned last night.

But she pledged the Island's big guns will be rolled out for the two-day summit meeting called by UK Foreign Secretary Robin Cook to ensure Bermuda's financial sector is protected.

The Premier, Finance Minister Grant Gibbons and probably Attorney General Elliott Mottley will attend the meeting, which will focus on hot international issues like money-laundering and world-wide regulations aimed at combatting white-collar crime, as well as the international drugs trade.

Ms Gordon said last night: "This conference will be vital in knowing what the next step will be and it's directly related to the financial services aspect of our economy.

"That is extremely significant because we have to be very careful about the possibility of a decision being made which could devastate Bermuda's wellbeing.

"When the financial services sector might be put at risk, we have to be very concerned.

Premier braces for tough conference in Bahamas "That's why we have to be there -- the Foreign and Commonwealth Office have requested that heads of government attend.'' Mr. Cook signalled new and tougher regulations governing the financial sector in the keynote speech at a meeting of the Dependent Territories Association last week. He asked the Dependent Territories to put in place a checklist of measures up to internationally-set standards to help stem a global flow of dirty money by 1999.

Ms Gordon said: "The conference in London was more or less an internal thing between the Dependent Territories at which Mr. Cook was invited to speak.

"This conference has been called by the Foreign and Commonwealth Office, which means the significance is that it will be dealing with the specifics of the legislation.'' Caribbean countries, including the UK Dependent Territories, will join Commonwealth nations at the conference.

The United States and several European Union countries will also be represented.

Ms Gordon said: "Some of the issues which will come up do not affect us -- but the major issue is our lifeblood -- international business and our economic welfare.'' She added: "We were able to earmark our concerns in London. This is an opportunity to have a second bite at the cherry in a forum which deals with all the Commonwealth countries.'' Ms Gordon said: "We will find out how all this will affect our business particularly trust business and mutual funds and what the UK expects to come from us. It gives us the opportunity to lay out our concerns again.'' Ms Gordon added that Government would be meeting with the Island's bankers and big business to discuss the implications of the London conference and the Bahamas summit.

She said: "It's not just about money-laundering legislation -- we want to hear their concerns and why they are worried about what the UK wants to do and any concerns they may have about doing business in Bermuda.'' Also on the agenda at the Bahamas summit will be ways to boost national economies through public/private partnerships.

Ms Gordon said: "Every government is a partner in business -- they're just an univited partner.

"We are already looking at the changing ways Bermuda is doing business...more involvement of the private sector in getting things done.

"The people who really generate the money are in the private sector. The public sector has a basic responsibility for the well-being of the people -- but if we raise a tax base too high, we chase the people away.''