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
Temperature Rise Should Stay Below 1.5 Degrees to Preserve Islands Like The Bahamas – PM Says
IICA-Sponsored Seminar Addresses Innovative Methods to Receive Financing for Agricultural Projects
Trade and Investment Delegation from China Eyeing Grand Bahama
The Region Looks at Enhancing Comprehensive Disaster Management
State Minister Forbes Opens 2015 CDM Conference on Disaster Resilience
PM Christie at the Paris UN Convention on Climate Change
Bahamian leaders attend The Commonwealth Heads of Government Meetings
UCLA gives shoes to Grand Bahama school children
Barbados Senator Alwin Adams visits Grand Bahama‏
Minister Griffin Officially Opens Exuma Women's Backyard Farming Workshop 2015‏
Dr. Gail Saunders Sworn In as Deputy to the Governor General‏
Presidents of Atlantic College and North American University Visit the Bahamas Governor General
Tabernacle Academy, Grand Bahama, Donates to Hurricane Relief‏
BAIC hosts Product Development Workshop
Wife of Prime Minister Encourages Teachers to Tap Into Their Transformative Power
NEMA to host the 9th Caribbean Conference on Comprehensive Disaster Management
Exuma Residents Donate $5,500 Towards Hurricane Relief‏
Bahamas Environment Minister off to Paris for Climate Change Convention
URCA Delegation Meets Bahamas' Ambassador to United Nations in Geneva
Bahamas Statement on Migration delivered in Malta to the CHOGM
Straw and Wood Craft Vendors Render Thanks
Prime Minister Christie Addresses Commonwealth Business Forum at CHOGM Malta 2015‏
The National Honours Bill now online and live
Athletic Coaches Can Help Shape Responsible Citizens Says DPM Davis
Children of Centre for the Deaf Visit Minister of Social Services Melanie Griffin‏
NEMA Training Officer Gives Presentation on Hurricanes to GHS Grade 12‏
Trailblazer Environmentalists Featured in National Women’s Week Exhibit
105 Graduate from National Training Agency in Grand Bahama
Bahamasair: reports of landing gear problems “completely false”
PM Christie and Cabinet Ministers Pay Respects to the Late Leonard Butler in West End‏
On the passing of rugby great, Mr. Jonah Lomu
Grand Bahama set to host Major Investment and Trade Mission
Prime Minister Christie Opens Adelaide Community Clinic
Agreement Signed to Significantly Increase Resorts World Investment in Bimini
Lyford Cay Club Donates $25,000 to Hurricane Joaquin Relief
New Bahamas Ambassador to the Peoples Republic of China named
National Recovery and Reconstruction Unit Assessment of Hurricane-Impacted Islands
Staniel Cay Airport Re-Opened to Air Traffic
First Set of Government-Bought Trailer Homes Sent to Acklins and Crooked Island in Hurricane Relief Effort
Minister for Grand Bahama Officially Opens New Restaurant‏