Finance Minister Paula Cox: We'll tell Bermuda's story

US politicians who want to introduce legislation that could impact on Bermuda’s international business sector will be told today that the Island is “not the wild, wild west”.

Deputy Premier Paula Cox told The Royal Gazette she intended to use a whirlwind two-day trip to Washington, DC to hammer home the message to Senators and Congressmen on Capitol Hill that Bermuda is an “efficient and effective regulatory environment”.

The Finance Minister - who arrived in the American capital shortly before 7 p.m. last night - is part of a Government delegation led by Premier Ewart Brown and escorted by US Consul General Gregory Slayton.

The trip - the second visit by a Progressive Labour Party Government to Capitol Hill - will see the Island’s leaders meet a raft of Democrats, who now hold the balance of power in both the House of Representatives and the Senate, and several Republicans.

Senior Senators from both parties - including Republican Norm Coleman, whom the delegation will meet - have proposed legislation to curb the loss of billions of dollars of tax revenue to overseas tax havens such as Bermuda.

Supporters say the new laws would combat abusive tax shelters and uncooperative offshore tax havens used by businesses and individuals to dodge payment of their US taxes. Ms Cox, speaking exclusively to this newspaper, said the DC trip would give her and the Premier the opportunity to tackle the topic with key opinion makers.

“We are not the wild, wild west but have a regulatory environment that seeks to get the balance right and we have nothing to be ashamed of vis-a-vis our regulatory framework,” she said.

“Telling the Bermuda story is therefore important and these visits are key in our continuum of international economic diplomacy and strategic relationship building generally.”

Ms Cox said the Ministry of Finance was well aware of recent issues raised by Washington policymakers with regard to so-called tax haven abuse and was monitoring legislative initiatives on Capitol Hill, including Sen. Coleman’s tax shelter bill.

She added: “Bermuda always relishes the opportunity to state its case and—our footprint is that we offer real services on the ground. (We are) not a brass plate jurisdiction.”

Ms Cox said the visit - which is likely to include as many as 25 meetings in little over 24 hours - would allow for a multi-pronged lobbying approach.

“Clearly the whirlwind round of meetings we have scheduled, and some late additions have been advised while we have been delayed in transit, is geared so we see people with substance and relevance who are opinion makers.

“There is always a multi-pronged approach: individual companies have lobbyists, we as a Government have lobbyists and advisers and we have scheduled some meetings so we can speak not just to issues that impact on our national economic interest but also of more general benefit to Bermuda on a wider front.”

The Deputy Premier said the main purpose of the meetings was to build on relationships with those in the legislature, particularly those who have recently joined committees whose decisions could have a bearing on Bermuda, and deepen understanding of the Island as a global player in the insurance/reinsurance markets.

US Secretary of State Condoleezza Rice has agreed to see the Bermuda delegation and Ms Cox said it would be an honour to meet her. “She clearly is the most senior female US policymaker and some have even touted her as worthy presidential candidate though to date she has evinced no interest,” said Ms Cox. The Minister said she had delayed her departure time from DC to enable her to attend the meeting, but still hoped to make it home to attend the House of Assembly and be guest of honour at the Bermuda Healthcare Foundation benefit.

“I pray that flights are on schedule for my return on Friday night,” she said. “However I could not forego the opportunity to meet Secretary of State Rice, time permitting. I add that qualifier as you never know what issues may crop up that impact on her availability.”

Courtesy of Royal Gazette reporter Sam Strangeways