BATT renews FATCA appeal

In making this appeal, the BATT said today’s date for the enactment of the bill was critical to TT being FATCA compliant.

BATT said today’s deadline takes priority over the December 31, the reporting deadline date given by the Internal Revenue Service (IRS) to indicate why the specific country did not meet today’s deadline. Noting that after today, the IRS will consider which countries are FATCA compliant, BATT said, “This is not a measure of comfort for countries not meeting the September 30th deadline.” BATT said TT cannot operate effectively without being networked to the US financial system, “which affords us greater connectivity to the global marketplace.” The Association said the loss of correspondent banking relationships,” will not only hurt our reputation and hinder the progress of our country, but also cripple any aspirations of becoming the regional financial centre.

This impasse does little to help us attract new capital and our position as a regional leader.”