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The finish line is distant for the Bahamas compliance with U.S. FATCA

A Deloitte & Touche partner said there is no simple 'flip of the switch' for providers once the government has the infrastructure in place

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

But, Lawrence Lewis, a partner at Deloitte & Touche, recently described the Bahamas FATCA compliance mechanism the Bahamas as “no small undertaking,” suggesting there was no simple “flip of the switch” for providers once the government has the infrastructure in place. While Bahamas-based financial institutions have made advances towards FACTA readiness, he anticipated a rush to the finish line once the government provides clarity regarding the inter-governmental agreement (IGA).

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Amanda Ciccatelli

Amanda G. Ciccatelli is a Contributing Writer for InsideCounsel, where she covers the patent litigation space. Amanda earned a B.A. in Communications and Journalism from...

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