The Bermuda Government renewed its commitment to economic
progress and recovery in its 2016 Speech from the Throne in which
plans for the forthcoming parliamentary year 2016-2017 are rolled
In this post, I provide a brief summary.
Plans for the forthcoming year include a two-track strategy of
growth renewal and job creation coupled with the imposition of
discipline on public spending which Government said is already
showing signs of having taken root:
Bermuda's GDP has recorded six consecutive quarters of
Air arrival are up, surging by 18 percent during the third
quarter of the current year;
Retail business has grown in 18 of the last 19 months;
Planned hotel developments are either underway or about to
break ground; and,
Government revenues exceeded spending during the first half of
the year to produce a surplus before debt service and capital
expenditure were taken into account, and this for only the second
time in seven years.
According to Government this has set the stage for "a
far-reaching and energetic recovery in 2017" which the Throne
Speech revealed will include:
A ramping up of hotel development;
Construction of a new airport terminal; and
The hosting of the America's Cup.
Some of the other key initiatives that were unveiled were:
The introduction of progressive payroll tax reform "to
ease pressures on lower income earners";
A legislative review to improve and develop the registration
and protection of intellectual property rights in Bermuda;
A second and final phase of telecommunications regulatory
Introduction of an electronic registry system for the Registrar
of Companies to keep pace with international reporting
Continued review of the islands' immigration laws and
policies to address the issue of granting permanent residence
certificates and Bermudian status.
Several other initiatives to improve the quality of life of
Bermudians were also touched upon in the Speech, among them:
A long-term care action plan to assist families and
Examination of ways to protect seniors against age
discrimination in employment;
A study of the need for improved parental leave for, maternity,
paternity and adoption; and,
Establishment of a cross-Ministry committee to address the
challenge of collecting arrears for child maintenance
On the matter of government reform, the Throne Speech
The enactment of recommendations for civil service reform to
increase accountability for performance at the top;
A new code of conduct for the procurement of goods and
A Bribery Act to establish a National Anti-Corruption and
Bribery Committee along with amendments to the Proceeds of Crime
Act to facilitate reporting of suspected tax evasion.
The latter two moves in particular were said to be deigned to
safeguard Bermuda's economic integrity as the islands'
reputation as an international business destination remains "a
Following an evaluation of Hong Kong in 2008, the Financial Action Task Force ("FATF")1 identified the following deficiencies in the Hong Kong anti-money laundering ("AML") and counter-terrorist financing ("CTF") regime
Enhanced and additional measures have been established and applied by the Central Bank of Cyprus through amendment of its directive on Prevention of Money Laundering and Terrorist Financing issued on 7 April 2016
The Cayman Islands is currently undergoing its first National Money Laundering/Terrorist Financing ("ML/TF") Risk Assessment.
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