Bermuda's Premier says country's reputation will survive fallout from Paradise Papers

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bermuda-premier-david-burt-photo-1.jpgPremier David Burt says he remains confident Bermuda's reputation will survive the fallout from the Paradise Papers.

In the House of Assembly on Friday, the Premier said "The reports of Bermuda's demise are greatly exaggerated" and called for a "chorus of unity" in the wake of recent revelations contained in the hacked documents.

Earlier this week, an expert in compliance rules told the Royal Gazette newspaper that the island is "up the creek without a paddle" after the massive leak of documents stolen in a cyberattack on Bermuda-headquartered law firm Appleby, which also has offices in the Cayman Islands and British Virgin Islands.

The source, who asked not to be named, said: "This is actually really, really bad and it's bad because it demonstrates Bermuda's jurisdictional attitude to shifting public opinion and reality and the rather rigid line of legality."

Burt told MPs a co-ordinated police criminal investigation into the hack is underway in several jurisdictions, including Bermuda, and said he had asked regulators to step up their game.

Burt said his sole concern was "Bermuda and her reputation".

"I am confident that Bermuda's reputation will survive this latest series of events. Within the government, targeted action has been taken to manage the continuing impact of this disclosure.All relevant ministries are working together to coordinate responses as required, but more importantly to strengthen systems of oversight where necessary and communicating clearly that Bermuda is the same, sound place to do business it has always been.The depth and breadth of our energy and skill is such that we can meet this challenge, emerge stronger and continue the work of building a fairer and better Bermuda." Source: ((CMC)