Bankers renew call for FATCA law to be passed

This according to a statement issued by the Bankers Association of Trinidad and Tobago (BATT) following a meeting with the Opposition on Monday to discuss the Tax Information Exchange Act and the implications for Trinidad and Tobago of non-compliance with the FATCA requirements.

The statement said members of the Opposition shared with the BATT executive team their areas of concern related to the process around the debate and the need for a joint select committee (JSC) to debate the bill to ensure that “good legislation” was produced.

BATT shared with the Opposition members their views on the current amended draft of the legislation, that was recently presented to Parliament in December 2016 pointing out that it included numerous amendments previously proposed by the Opposition and that the areas remaining for debate had narrowed considerably.

BATT reiterated to the Opposition the consequence for non-compliance and the negative implications for the country, the financial sector and ordinary citizens of Trinidad and Tobago, if FATCA is not implemented.