PM Brown wants to see change in UK's tax havens
British Prime Minister Gordon Brown wants to see offshore financial centres with links to Britain — including Bermuda — make the necessary changes to achieve international standards of governance.
In the wake of last week's G20 summit in London, where leaders of the world's most powerful countries agreed declared a clampdown on tax havens, Mr. Brown spoke on the issue to British television channel Sky News.
"We have got to make sure that all this new regulation and supervision is effected in Britain," Mr. Brown said in Sunday's interview. "We have got to make sure that the tax havens that have got some relationship with Britain are conducting their affairs in such a way to justify the decisions that we made at the G20 that change is going to happen."
Bermuda appeared on the Organisation for Economic Cooperation and Development's (OECD) "grey" list of countries that are committed to international standards, but are yet to fully implement them. Other British Overseas Territories in the same category include the Cayman Islands and the Turks and Caicos.