Anguilla is a stable, democratic, Caribbean British Overseas Territory and in 1994 enacted the most modern and flexible legislation which has been further amended in 2000. The Mokoro Report of April 1993, identified the financial services sector as a principal adjunct to Anguilla's tourist-based economy. Adopting that Report, the Anguillian and British governments embarked upon a thorough review and rewriting of the island's financial services legislation. The jurisdiction's extensive and continually updated financial services legislation is the result and was favourably commented on in the KPMG report of 2000 on Regulation in the Caribbean Overseas Territories and Bermuda. In the world financial services sector Anguilla has carefully established itself as a modern and well regulated jurisdiction.