Financial centres slam Paradise Papers backlash
By Kirsten Hastings, 7 Nov 17
The UK’s crown dependencies and overseas territories have hit back at international media scrutiny and allegations that they facilitate tax avoidance and evasion following the leak of the Paradise Papers.
Neither the Regulatory Authority of Bermuda (RAB) nor the Bermuda Monetary Authority (BMA) have issued statements on their websites about the Appleby hack or the release of the data, as of midday Tuesday UK time.
However, a spokesperson for the Bermuda Government said it was aware of fresh reports on the 2016 multi-site cyberattack on Appleby’s global network. “We note much of the narrative concerns foreign nationals in other jurisdictions,” reports local newspaper Royal Gazette.
The spokesperson added: “The government takes these matters extremely seriously and is reviewing developments with all parties concerned, including the relevant international authorities.
“Bermuda consistently ranks as a global leader in tax and transparency, and has tax treaties with more than 100 governments.”
Bermuda’s premier and minister of finance David Burt told the newspaper: “We maintain high vigilance on any and all criminal activities, including cyber, as well as requiring leading standards on tax and transparency of all who do business here.
“We will not tolerate non-compliance in any of these areas, and are reviewing this incident and related matters, and will take any further action as required.”