British Overseas Territories take up money transfer regulations

Money transfers to British Overseas Territories may soon come under more scrutiny due to new regulations that attempt to strengthen economies.

Speaking to the Guardian, Chris Bryant, minister for the foreign office, spoke of his optimism that Organisation for Economic Co-operation and Development regulations can clarify banking practices (OECD).

The OECD recently released a series of guidelines to tax havens, some of which question financial institutions on matters such as borrowing and the impact this may have on national debts.

Countries that have responded to the organisation's call for greater clarity regarding fiscal matters include several overseas territories such as Montserrat and Anguilla, which may interest Brits making international payments to these locations.

"These are countries committed to meeting internationally recognised finance standards and taking on increasing responsibility for oversight of international financial regulation," Mr Bryant told the paper.

In other news, Luxembourg premier Jean-Claude Juncker recently told the European Parliament that governments on the continent needs to clamp down on excessive spending in order to weather the recession.

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By Linsey Summers