Barbados is characterised as a low-tax jurisdiction, with a long-standing reputation for a sound legal framework and high regulatory and supervisory standards. The success achieved to date in attracting international business is reflective of the extensive treaty network of double taxation agreements and bilateral investment treaties with several countries, including most importantly the United States and Canada, which encourage transparency and the establishment of a commercial presence. In addition, the industry benefits from effective co-operation between government and the private sector on legislative reforms and promotion. As such, legislative amendments have been implemented in response to changes in the international business environment in an effort to capitalise on new opportunities. A legal separation between the international business services industry and the onshore financial sector is maintained in Barbados, and any activity between the two requires the special permission of the Minister of Finance. This effectively limits the potential for the transmission of contagion effects between the international business and the domestic financial sectors.