Written question asked by Andrew Rosindell (Conservative) on Tuesday, 23 May 2023, in the House of Commons. It was due for an answer on Thursday, 25 May 2023. It was answered by David Rutley (Conservative) on Thursday, 1 June 2023 on behalf of the Foreign, Commonwealth and Development Office.

Financial Services: Bermuda

Question: To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what support his Department (a) provided in the 2022-23 financial year and (b) will provide in the 2023-24 financial year for the financial services industry in Bermuda; and if he will make a statement.

Answer: The UK Government are working to support the Overseas Territories to meet the highest standards in financial services policy. Bermuda, like other Overseas Territories, share confidential company beneficial ownership information with UK law enforcement. The Government of Bermuda prioritised work to meet international financial standards, and in 2020 received one of the highest technical compliance ratings of any jurisdiction following a review by the Financial Action Task Force of its work to combat illicit finance.

Secondary information