AMCHAM optimistic about FATCA passage

At a news conference at Scotiabank’s headquarters at the corner of Park and Richmond Streets, Port of Spain, they stressed the urgency of passing the legislation by the new deadline __ the end of February 2017. President of the Bankers Association, Anya Schnoor said that the association began discussing this issue with the previous government from 2012 to 2014 when the then government accepted the intergovernmental agreement (IGA) 1 option and entered into an “agreement in substance” with the U.S. Treasury Service, a prelude to the passage of the legislation.

Following the media conference the five groups met the Opposition on Monday to press home their position.

Suryadevara said his optimism sprang from a cordial conversation between the two sides on Monday at the Opposition Leader’s office.

He said the Chairman of the United National Congress (UNC), David Lee, gave the business groups the commitment that the Opposition will be in Parliament when debate on the FATCA legislation resumes on January 6, 2016.

“So we are expectant to see what happens. I believe we had a good conversation, points were exchanged,” Suryadevera told Newsday in a telephone interview.

He said he was also optimistic after speaking with the Attorney General on Wednesday, “Simply because where the legislation has been left there has been a narrowing of differences of opinion in spite of how the process of arriving here has transpired and for national benefit we are hopeful seeing that the positions of review have narrowed significantly.”