UK praises Bermuda

The UK has commended Bermuda on its commitment to international tax transparency standards.



In a letter to the island's Finance Minister Paula Cox, the UK's Minister for the Foreign and Commonwealth Office, Henry Bellingham, also welcomed Bermuda's commitment to raising financial sector regulatory standards.



Last year Bermuda was included on a 'grey list' of countries that the Organisation for Economic Cooperation and Development said needed to implement an internationally agreed tax standard.



The countries were required to sign Tax Information Exchange Agreements with at least 12 countries in order to be removed from the list.