Deputy Premier Paula Cox voiced a spirited defence of Bermuda?s reputation in the international finance community.

Ms Cox, also the Minister of Finance, emphatically swatted down criticism from Shadow Finance Minister Grant Gibbons that Government was not doing enough to fight the perception of financial corruption on the island.

?Bermuda is seen as having a clear commitment to international quality of conduct both in terms of international financial transactions and its regulatory environment,? she said on the floor of the House of Assembly yesterday.

?And we will protect vigorously this reputation and we will continue to do so. Not just by word, but more importantly, by deed.?

Deputy Opposition Leader Dr. Gibbons was critical of the Finance Ministry on several fronts ? first for the way it handled the IPOC Group International Growth Fund.

The mutual fund is swamped in suggestions of scandal including illegal activity and corrupt connections with Russian authorities.

Dr. Gibbons said international press coverage of IPOC splashed stories which might lead some to believe Bermuda was soft in its attempts to stamp out financial corruption.

?We need to do more publicly to show we are cleaning this up,? said Dr. Gibbons.

Both sides agreed, however, the Minister had to be ?circumspect? because she was involved in ongoing investigations and there was potential litigation ahead.

Nonetheless, Minister Cox indicated the level of potential corruption involved with IPOC was highly dangerous.

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