CFOs will be pitching themselves and their companies not just to banks, tax authorities and external auditor but also customers, suppliers, supply chain partners and so on.

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Mr Koehler said that the IMF had experience in post-conflict situations, and could help stabilise Iraq's currency, manage its external debt, and help manage its tax system.

BBC: US urges World Bank to aid Iraq

The bill is not intended to single out Bermuda, but all tax havens, insists Daniel Conway, Chubb's senior vice president of external affairs.

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The ending of the tax break in December has increased the need for inward investment by foreigners to finance the external deficit.

ECONOMIST: It is time for the yen to climb and the dollar to fall