What benefit FATCA now?

These concerns made out as if TT did not pass the Bill by the set date, the sky was going to fall in on us.

We were going to have problems with the banking sector, with credit card payments, with foreign exchange, with money transfers, purchasing and payments of foreign commodities and others.

It sounded at the time like the end of the world for sweet TT .

Well the Bill was passed with a big sigh of relief only now to find out that many of the concerns expressed by the “experts” are in truth and in fact happening.

It is still a problem to get foreign exchange to travel.

Companies are having problems to secure foreign currency to pay their overseas bills and there is a limit, from certain banks, on credit card expenditure.

FATCA or no FATCA, it would appear the sky has fallen in on sweet TT .

So the question is: what was the great haste to have FATCA passed, except maybe for the benefit of certain institutions and individuals?

C Peters via email