Senate passes FATCA Bill

All Government and Opposition Senators backed the bill, and all Independents present but one.

The vote was 29 “for”, none “against” and one “abstain”.

Finance Minister, Colm Imbert, in his wind up, justified the bill by saying TT cannot become isolated from the United States and world’s financial systems, or we’d end up like North Korea.

Addressing Creese’s concerns that the bill reeked of US neo-colonialism, Imbert admitted that TT cannot itself legislate any similar law against the US as it would be of no effect.

Likewise Imbert rejected the idea of this country trying to impose a tit-for-tat reciprocity against US banks, as he said that it is this country which needs to access US dollars for international transactions, but US firms do not need to buy TT dollars.

The Senate resumes next Tuesday at 1.30 pm to debate the Miscellaneous Provisions (Trial by Judge Alone) Bill 2017.