Letter: Launderers not welcome here

Sir: Chris Blackhurst (10, 11 September) reports on the so-called financial secrecy laws of British dependent territories' offshore centres, suggesting that they have more than "$1 trillion in dirty money stashed away in their bank accounts".

Those British territories which have offshore finance centres are among the most stringently regulated in the world. Far from encouraging fraudsters and money launderers, the legal and financial professions recognise that their banking confidentiality laws act as a gateway to criminal investigation, not as a hindrance. Investigators find it easier to gain information in these centres on possible criminal activity than they do in the UK or US.

All finance centres in British territories operate a "know your client" philosophy. They run legitimate services for legitimate businesses and do not welcome tax-evaders or criminal proceeds.

International laundering of criminal monies is a problem. Outlawing well- regulated offshore centres is not the answer. Law enforcement agencies, governments and those in the financial services arena must work together to combat this crime. The British dependent territories are already doing this.

SUKEY CAMERON

Chairman

Dependent Territories Association

London SW1