Private members clubs feel impact

Speaking during debate on the Tax Information Exchange Agreement Bill 2016 in the House of Representatives, Imbert said these some of these clubs have felt the impact, “of the global forum and the FATCA requirements in terms of the reluctance of banks to open banks accounts” for some of them.

Imbert said many people do not know that for a significant proportion of private members clubs, “banks will simply not open an account with them for fear of being de-registered or listed as suspicious institutions.” He said while TT has not suffered as other Caricom countries have with respect to FATCA compliance, the threat of de-risking is very real and must be taken seriously.