Premier: Bermuda Has Highest Global Standards

“Just as Bermuda has proven a safe haven during storms, the Island provides business with the comfort that assets and interests are protected in a corporate environment that fulfils the highest global standards,” Premier Michael Dunkley told attendees at a conference today.

Speaking at today’s opening of the 2016 Global Fund Forum conference at the Fairmont Southampton, the Premier said: “On behalf of the Government and people of Bermuda, I am pleased to welcome all of you, guest speakers, participants, invited guests and delegates from Bermuda, the US, and Canada to the 2016 Global Fund Forum.

“I understand there will be around 220 delegates, including 35 women from the 100 Women in Hedge Funds Bermuda, as well as 10 RCA Bermuda Compliance Certification Scholarship recipients from Bermuda.

“I recognize that this is the third annual Global Fund Forum, and its second consecutive year in Bermuda— so thank you, Lisa Vioni, and the team at Hedge Connection for returning to the Island.

“Thank you for your confidence in Bermuda and know that we appreciate it and will do all we can to maintain it!

“As everyone is probably aware, our Island took the full and direct impact of a very serious Category 3 Hurricane just 10 days ago. Hurricane Nicole certainly tested our resolve.

“It is timely to mention this storm as it speaks to our history of resilience and strength: our jurisdiction’s culture of preparedness, our robust architectural heritage and storm-safe homes, our infrastructure, and the widespread appreciation for insurance that provided both a faster recovery and post-event economic stimulus.

“After the passage of the hurricane, 90 percent of Bermuda was without power.

• “Immediately after tropical storm force winds had subsided at about 5 pm that night crews were out assessing damage, clearing roads and restoring power.

• “Less than 24 hours after the hurricane passed, the City of Hamilton was back in business, the airport was open and the vast majority of the island had power.

• “Four days later power had been restored to the entire island.

• “We suffered no loss of life or serious injury.

“This type of action is part of our DNA. We are an isolated island with nowhere to run and only 65k of us to survive and progress together. Simply put, we face our challenges together and we rise together no matter what they might be.

“And Bermuda continues to stand strong in the current stormy environment of tightening regulation and ever-increasing requirements for reporting, compliance and transparency. We have for years taken a leadership role on this front, and we’ve long been respected for being a highly cooperative jurisdiction.

“Just as Bermuda has proven a safe haven during storms, the Island provides business with the comfort that assets and interests are protected in a corporate environment that fulfils the highest global standards.

“That’s important these days and we recognise that whether you’re doing business, or you’re a jurisdiction that’s home to business, you need to meet those standards to be sustainable, and to survive.

“My friends, Bermuda is a top-tier international finance centre. Across all our financial services, top-level regulation and blue-chip reputation prevail.

“We’re considered a leader on tax-transparency issues by the OECD, the Financial Action Task Force [FATF] and G20 nations.

“We comply with EU and UK anti-money laundering [AML] and anti-terrorist financing [ATF] requirements. And our global partnerships include 91 tax-transparency treaty accords worldwide.

“We have worked hard and have achieved excellence through collaboration and partnership; our government works closely with industry and our regulator, and the goal for all of us is to help facilitate speed to market and innovative, quick resolution of client issues.

“It is one of the biggest advantages of our domicile …and it’s also why I’m here this morning.

“The Bermuda Government views this as a critical event – focused on fund managers and the allocators who invest with them, and, of course, investors want a high degree of comfort with the managers/funds they invest in.

“There has to be trust, built on a foundation of good due diligence.

“That’s why an important element of this conference is the one-on-one meetings in which managers and prospective investors can share information and develop long-term relationships.

“So, there’s a perfect brand synergy between Bermuda and the Global Fund Forum—it’s about trust, it’s about excellence…it’s about quality and it is about reputation.

“Quality is what Bermuda has always been known for. It’s what we’re proud of —and what we tell the world about. Reputation is important to us and I am sure all of you as well. We will always defend, protect and enhance our protection.

“In closing, I wish you a productive conference—and an enjoyable stay on our Island.

“This post-storm season and as temperatures drop slightly one of the best times of the whole year to visit…. and even though the hurricane’s gone, you can still savor a dark’n’stormy!

“So my friends take some time out to do some exploring, cross the harbour to take a walk around our City of Hamilton, experience our unique business environment… and we hope to see you back here this time next year.”

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