[xml][/xml]
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
Christmas Celebrated at Annual Festival of Carols
Investigations into GB Shipyard Labour Dispute Have Been Completed says Minister Mitchell
Bahamas Government Prepares for More Initiatives to Employ Persons with Disabilities
Governor General Makes Annual Visit to Princess Margaret Hospital
Stakeholders Meet to Discuss the Pillars of the National Development Plan
Maynard-Gibson to ICT for Persons with Disabilities Workshop
Minister Griffin's Remarks at International Day of Persons with Disabilities 2016 Observance
ACP Seymour in Grand Bahama Lights Christmas Tree for the Children
The Bahamas, New Zealand Sign Air Service Agreement
Hon. Fred Mitchell on Robert F. Kennedy Jr.
PM Christie Heralds 'Good News' for Bahamas Tourism
Concert Lights Up Abilities of Special Needs Students
PM and Cabinet Attend Traditional Pre-Christmas Luncheon at Government House
(Photo) Government House Pre-Christmas Luncheon Held
Dame Marguerite Makes Third Annual Visit to Rand Memorial Hospital
PM Christie Remarks at 9th International Civil Aviation Negotiation Conference
Bahamas to Sign New Air Service Agreements
New Immigration Officers Urged Not to Be ‘Swayed’ by Inducements
Duty-free Concessions Poised to Stimulate Economic Growth in East and West Grand Bahama
Bahamian Public Workers Recognized for Invaluable Service
PS Melvin Seymour presents his book, 'The Shepherding Generation,' to the Prime Minister
Bahamas Holds Trainee Correctional Officers Squad 2016 Passing Out Parade
Bahamas Immigration Minister on Matters Arising at Grand Bahama Shipyard
Urban Renewal Giving Hope and Joy to Residents
Ministry of Health Observes World AIDS Day at Golden Gates Assembly Church Service
Child Protection Council Launches Interactive Programme
Closure of the Capture of the Nassau Grouper Throughout The Bahamas starts Dec. 1
Straw Market Day Care and After School Centre Officially Launched
PADF Asked to Remember Grand Bahama in Discussions on Needs in the Region
11 Centenarians at Nation Builders Ceremony
Plans to Search for Ancient Remains in Long Island Announced
Min. Dorsett responds to the Black Friday March
Church Service to Observe Older Persons Month
PM Urges Youth Development Programme to Become a National One
Universal Children's Day Recognized in Primary Principals' Annual Thanksgiving Day Service
Bahamas Statement on the Passing of Fidel Castro
Melvin Seymour Presents His Book, 'The Shepherding Generation' to the Governor General
The Development of a Bahamas Trade Information Service Portal
Former Beauty Queen and Ordained Minister Darlene Davis-Hord Presents New Book to the Prime Minister
PM Christie responds to organizers of Black Friday march