Senators yesterday approved measures clarifying how the Bermuda Monetary Authority can release confidential information to other parties.

The Bermuda Monetary Authority Amendment (No. 3) Act 2004, protects client confidentiality in general but specifies that the Authority can release information to foreign and other local authorities for their regulatory purposes and to the police in the event of a criminal investigation provided the information is relevant to that investigation.

The bill was strongly supported by the Opposition United Bermuda Party and the independent Senators following its introduction by ruling party Senator Raymond Tannock.

Senator Tannock said that recent court challenges of the BMA's authority had prompted the legislative review.

But, in response to the Opposition's Kim Swan who questioned whether Government was not trying to "move the goalpost," Sen. Tannock stressed that the law was not being changed but clarified.

"There's no real changing of the goalpost. The amendment is intended to clarify the policy and the law."

And he said the measures were necessary to maintain Bermuda's reputation as a sound financial centre.