| LONDON, June 13
LONDON, June 13 Bermuda has agreed to back an
international financial transparency treaty that is aimed at
stamping out tax evasion, the British government said on
Thursday, boosting Prime Minister David Cameron ahead of the G8
summit meeting next week.
"Bermuda is strongly committed to joining the Multilateral
Convention on tax-information sharing," Bermudan Premier Craig
Cannonier was quoted as saying in a statement circulated by the
British Foreign Office.
On Wednesday, Cannonier had said Bermuda had "several
concerns" about the Convention on Mutual Administrative
Assistance in Tax Matters.
A spokeswoman for Cannonier was not available for comment.
The international agreement, backed by more than 50
countries, requires signatories to share information on
individuals who hold bank accounts in their territories, and
with the tax authorities in the individuals' home countries.
It also requires member states to maintain information on
beneficial owners of companies that other tax authorities can
Cameron previously had said he would like all Britain's
Overseas Territories to sign up to the convention but although
they share Britain's monarch as head of state, the British
government's writ does not extend to the self-governing states,
so Cameron must rely on persuasion to secure an agreement.
Cameron invited the mainly Caribbean territories to London
this week in advance of his hosting the annual gathering of the
G8 group of leading economies, at which he has put tax avoidance
and evasion high on the agenda.
Tax campaigners question Britain's commitment to the issue,
given the prominent role played by British Overseas Territories
in facilitating tax evasion, tax avoidance and the hiding of
While tax transparency campaigners usually support the
convention, many say it does not go far enough.