NEW YORK—Bermuda officials said efforts to combat the island’s reputation as a tax haven are beginning to show “signs of progress,” but conceded the island still faces “numerous challenges.”

Speaking at the Bermuda International Business Assn.’s annual financial services conference in New York on Wednesday, officials asked investors and insurance professionals to consider the “efficient and effective” regulatory environment that Bermuda offers.

“We know that offshore centers have come under increased scrutiny, but don’t lump us in” with other jurisdictions, Cheryl Packwood, chief executive officer of BIBA, urged the about 300 attendees.

Bermuda—which has come under fire after President Obama proposed widespread U.S. tax code changes that included a crackdown on alleged tax havens—has stepped up efforts to elevate its reputation.

Last week, Bermuda opened up a trade and tourism office in Washington.

The permanent presence on Capitol Hill “will go a long way towards strengthening our relationship with the U.S.” and “provide us with a platform to tell our story,” said Paula Cox, Bermuda’s Minister of Finance, in an interview.

In addition, Bermuda has been working to sign new tax information exchange agreements with other countries, Ms. Cox said. On Tuesday, Bermuda announced it signed a tax information exchange agreement with Spain, representing the island’s 15th such agreement.

The agreements have helped Bermuda remove itself from a list of tax havens released last April by the Organization for Economic Cooperation and Development.

In April, the OECD named Bermuda, the Cayman Islands, British Virgin Islands and Gibraltar, and other domiciles, to a “gray list” of jurisdictions that have yet to fully implement internationally recognized tax agreements. Domiciles were required to have a total of 12 agreements in place to be removed from the list—a benchmark Bermuda met in June after signing an agreement with the Netherlands Antilles.

Bermuda was “the first offshore center to be removed from the list” and “we will continue to do the work” to sign more agreements because “we believe the standards are important,” said Ms. Cox.