The Bahamas Weekly Facebook The Bahamas Weekly Twitter
News : Bahamas Information Services Updates Last Updated: Jun 20, 2014 - 4:46:38 PM


Bahamas’ Preparations for the United States Foreign Account Tax Compliance Act (FATCA)
By Bahamas Ministry of Financial Services
Jan 23, 2014 - 9:54:23 PM

Email this article
 Printer friendly page

The Ministry of Financial Services, in conjunction with the Ministry of Finance and the Office of the Attorney General, is pleased to advise that The Bahamas is well advanced in the process of finalizing its compliance arrangements with the United States Foreign Accounts Tax Compliance Act (FATCA).  The Ministry will continue to take all necessary measures to ensure that Bahamian entities are permitted to conduct business without impediments in global markets.  

The Ministry anticipates that a Model 1 (non-reciprocal) Intergovernmental Agreement will be agreed with the United States well in advance of the April 2014 deadline for the first listing of participating foreign financial institutions (i.e. “the FFI list”).  The Ministry has devoted considerable resources to ensuring that Bahamian financial sector participants and the Bahamian public are well educated about FATCA and will continue to do so.

  The Ministry urges all financial institutions to carefully review the requirements of FATCA, including the due diligence procedures and requirements outlined in the FATCA Regulations and Annex 1 of the Inter-Governmental Agreement and to take the necessary measures to ensure that systems are in place internally to identify accounts held or controlled by United States persons.

The Ministry encourages all financial institutions to become familiar with the US FATCA registration system and requirements and highlights that the registration deadline for Model 1 Participating financial institutions is December 2014.  Notwithstanding this date, by Bahamian statute and in conjunction with the regulators, compliance expectations will be established within the first half of 2014.

The Ministry will continue its outreach, education and consultation with industry as The Government of The Bahamas moves forward in this FATCA project and particularly as FATCA specific legislation and industry specific guidelines are released for public consultation.

We encourage all in the financial services industry to continue to become educated on the requirements of FATCA to ensure the readiness of their institutions.


Bookmark and Share


© Copyright 2014 by thebahamasweekly.com

Top of Page

Bahamas Information Services Updates
Latest Headlines
Andre Rollins relieved as Bahamas Gaming Board Chairman
2nd Annual National RBPF Forensic Science Week Awards Luncheon‏
NEMA Conducts Shelter Management Training Course
New President for The College of The Bahamas
"Sea Floor Bahamas," world's first undersea post office commemorated
Dr. Calsey Johnson Meets Parliamentary Secretary to Minister of International Development‏
San Salvador High School Basketball Team Feted by Club Med
Rising Star Interns at Bahamas Information Services (BIS)
Prime Minister Christie's House Communication on Bahamas Constitutional Bills
Eighteen Bahamians Awarded Scholarships to Study in China
Brave Davis: COB’s Law School Will Become Autonomous
Morgan White Administrators call on Bahamas Insurance Commission Superintendent‏
First National Training Agency Graduation in Grand Bahama
Bahamas Constitutional Amendments Debate Contribution by Brave Davis
Bahamian International Entertainer King Errisson Johnson calls on Governor General of The Bahamas
Bahamas Finance State House Communication (2nd Reading) on VAT Bill
Bahamas Office of the Attorney General & Ministry of Legal Affairs Farewell Reception‏
Honorary Consul Michael Fountain Commissioned‏
First Bahamian ICAO Aerodrome Inspectors Graduate
Bahamas Is Economic Majority Owner of BTC
PM Christie Addresses Fox Hill Day Church Audience‏
National Museum’s Chief Curator Inducted into Commonwealth Association of Museums’ Prestigious Cowrie Circle
Urban Renewal Technical Centre planned for Elizabeth Estates‏
Royal Bahamas Defence Force Receives Ambulance from U.S. Embassy
Bahamas Constitution Bills to Send “Clear Message’ Internationally
Bahamas Parliament cannot afford to ‘drop the ball’ on Constitution Amendment Bills
Bahamian Holidays Announced for 2014
Brave Davis remarks to LLB Students of College of The Bahamas’ Law Department‏
Urban Renewal Foundation Calls on Bahamas Governor General
US Embassy International Narcotics and Law Enforcement Calls on Bahamas Minister of Health
Bahamas Governor General greets Chinese Ambassador
Peace Ambassador of Urban Renewal calls on Bahamas Governor General
Minister Fitzgerald Discussed Data-Driven Policies to Spur Lifelong Learning at Public School Administrators’ Workshop
Englerston Urban Renewal Back-to-School Giveaway
Bahamas Female Parliamentarians on Constitutional Referendum Campaign
Mitchell Responds to Newspaper Headline: “Three Shot During Fox Hill Day”
Bahamas Public Service HR Managers Train in Industrial Relations
Urban Renewal Foundation calls on Bahamas Governor General‏
Dame Ivy Presents Book to the Bahamas Governor General‏
Prime Minister Christie remarks at CANTO Conference Opening