BAHAMAS: Financial Industry concerned over lack of FATCA requirements

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An opposition MP from the Bahamas Hubert Chipman, has expressed his concern that legislation regarding the implementation of the US legislation FATCA (Foreign Account Tax Compliance Act) have not yet been discussed and passed by Parliament, of which neither have guidance notes for financial institutions that are finalised.
The draft between the US and the Bahamas (in the form of finalised FATCA Agreements and guidance notes) were released at the beginning of May. As the FATCA deadline approaches, the financial industry has expressed concern that it will have to start complying with automatic exchange of information requirements without clear implementing legislation.

Mr Chipman made a statement that the current situation was creating uncertainty both inside and outside the Bahamas, and as a result of this, an unfavourable environment for financial service industry operations.