The Executive Summary of Tax Havens: Creating Turmoil beings with a quotation:
We feel that this (lack of provision of an effective regulatory system) might be a grave omission, since it is notorious that this particular territory, in common with Bermuda, attracts all sorts of financial wizards, some of whose activities we can well believe should be controlled in the public interest.
This is an extract from a memorandum concerning the Bahamas dated 3rd November 1961 submitted by Mr W.G.Hulland of the Colonial Office to Mr B.E.Bennett at the Bank of England. It was seen in 1997 by John Christensen in the Bank of England archive.
Nothing has changed.
There still is no effective system of regulation in operation.