UK Minister of State for the Overseas Territories Stephen Doughty and Bermuda Premier the Honourable David Burt met in Hamilton this week (24 September) and discussed a wide range of policy priorities and areas of mutual collaboration, including security, safeguarding, trade and the environment, and focused in particular on sanctions.
Recognising Bermuda as a global leader in the provision of high quality insurance and reinsurance services, Minister Doughty praised Bermuda’s efforts to implement UK sanctions, including freezing over US$200m of sanctioned assets. Minister Doughty and Premier Burt reaffirmed the importance of robust sanctions implementation and enforcement across the UK family, and both agreed that there should be no safe haven for those seeking to evade or circumvent UK sanctions.
Minister Doughty and Premier Burt expressed their shared desire to enhance UK-Bermuda cooperation on sanctions. Minister Doughty assured Premier Burt of the UK’s commitment to supporting Bermuda; as a sign of that commitment, Minister Doughty and Premier Burt signed a new Memorandum of Understanding, under which the UK will make available up to £300,000 this financial year for new initiatives to enhance Bermudian sanctions capacity and capability.
Minister Doughty and Premier Burt discussed Bermuda’s work to implement a legitimate interest access register of beneficial ownership. UK and Bermuda officials would remain in contact to assess policy proposals as they developed.
Minister Doughty thanked Premier Burt for his territory’s warm welcome and reiterated the firm commitment of the UK Government to the sovereignty, security and defence of Bermuda and all British Overseas Territories.
