Bermuda Financial Policy Council endorses engagement with EU and OECD

The Bermuda Financial Policy Council (BFPC) has endorsed Bermuda’s decision to actively engage with the European Union’s code of conduct (business taxation) working group, under the non-cooperative jurisdictions initiative.

It also supports Bermuda’s decision to engage with the OECD’s base erosion and profit shifting work, in particular in relation to the growing digitalisation of the economy.

BFPC’s position was made clear at its twelfth meeting, on December 5, which was hosted by the Bermuda Monetary Authority (BMA). The meeting was also attended by representatives of Bermuda’s Fiscal Responsibility Panel.

Attendees at the meeting acknowledged the growing complexities of tax-related international developments. The Bermuda government should make every effort to cooperate and help influence these agendas, the BFPC said.

Among a wide range of topics related to Bermuda’s financial stability, the BFPC also discussed the growth of the cyber risk insurance market in Bermuda, and the implications of cyber resilience for the broader financial sector.

BFPC assesses possible threats to Bermuda’s financial stability and identifies policies and actions to mitigate or eliminate them. It also advises the government on how to strengthen the financial stability framework in Bermuda.

The council comprises Curtis Dickinson, the minister of finance, as chair, alongside Andrew Large, BMA executive chair Jeremy Cox, Michael Butt, Dame Amelia Fawcett, Gil Tucker and DeLisle Worrell. It is scheduled to meet again in April 2020.