The Bahamas Weekly Facebook The Bahamas Weekly Twitter
News : Bahamas Information Services Updates Last Updated: May 7, 2015 - 7:57:38 AM


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
 Mobile 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

Receive our Top Stories



Preview | Powered by CommandBlast

Bahamas Information Services Updates
Latest Headlines
Bahamas Prime Minister Perry G. Christie pays tribute to Sir Albert Miller
PM Christie Describes Sir Albert as a Legend
Workers at Water Corporation Ink New Labour Agreement
NEMA Partially Activates to closely monitor Tropical Storm Erika
National Address on Crime by Bahamas Minister of National Security‏
National Prescription Drug Plan of NIB Issues Hurricane Preparedness Guidelines For Its Members
Mitchell addresses Kiwanis on Passports and Immigration‏
BFSB & Partners Launch Language Learning Programme in Public High Schools
Atlanta Mayor Kasim Reed Shares With COB Students Three Principles for Success
Bahamas Family Island fuel procurement policy in preparation for Tropical Storm Erika
Grand Bahama Residents Prepare for Hurricane Erika
Bahamas Looks to Partner with Atlanta to Combat Crime
Bahamas Foreign Affairs Hosts Atlanta Mayor Kasim Reed at Working Luncheon‏
Dame Marguerite Lays Wreath at Sir Lynden's Mausoleum
Bahamian Performers Light Up Carifesta in Haiti
Fred Mitchell responds to Grand Bahama Human Rights Statement On Immigration Matters
NEMA readies for predicted Hurricane Erika
Bahamas Ministry of Finance Comments on Standard & Poor’s Rating Action
Eleuthera Organizations Partner with BTVI For Construction Training
Member of Parliament Hosts Annual Back to School Giveaway in The Pineridge Constituency
Director of OECD Center for Tax Policy and Administration Calls on the Prime Minister‏
Ambassador Rhoda Jackson calls on Minister of Financial Services‏
COB Scholarship Winners Asked to Create a Stronger, More Modern Nation
Attorney General Leads Bahamian Delegation to CFATF Meeting
NEMA Instructs Centreville Urban Renewal Summer Campers on Disaster Preparedness
Bahamas Financial Services Industry Continues to Target Asia’s Wealth Economy
NEMA, PAHO Train Group to Better Manage Supplies After a Disaster
Education Minister Pleased With Repair Work to Grand Bahama Schools
Bahamas delegation in Haiti for Carifesta
Urban Renewal Celebrates Summer Basketball Awards and Launches ‘Back-to-School’ Outreach
Kasim Reed, Mayor of Atlanta to make official visit to The Bahamas
"No extension" says Mitchell on student permits
Public School Scholarship Winners Make History
BAIC Signs New Labour Agreement with BPSU
Prime Minister Christie mourns the passing of Sir Albert Miller
Bahamas Minister of Education remarks at Public School Scholarship Awards
NEMA and PAHO Conduct Psychological First Aid Training
Hon. Fred Mitchell on the passing of Sir Albert Miller
Minister of Grand Bahama on the passing of Sir Albert Joel Miller
Bahamas Gov't responds to Labour Force Survey: Increase in Unemployment of 36% for the Financial Services Sector