MP hits diplomat on FATCA

In a TV6 television interview Estrada said he was disappointed about the innuendos put out about FATCA, a law passed by Congress and no mere presidential decree. ” “This ‘can’ will be kicked down the road, because there are some folks __ some of them that are fighting this (FATCA) - probably have cocoa in the sun, as you say here. There are some of them, and I stand by it.” Estrada said, “This (FATCA) targets US citizens, folks that are involved in tax evasion, money laundering, terrorism financing, illegal accumulation of wealth, and yet we have folks that are saying this is trampling on the rights of the ordinary Trinbagonian.” He was fine with the US authorities accessing US citizens’ tax details from TT banks.

“I pay my taxes. I want all my fellow citizens to pay their taxes. I want to know if they are financing terrorism (or) accumulating illegal wealth. So this is all about US citizens.

“I suspect that a lot of the opposition comes from folks that have lots of wealth hidden in banks in the US. I suspect they may have family members and their concern is that eventually that information will be shared one day as our countries continue to share information.” He said, “If this (FATCA) is not taken care of, the citizens of TT will face some very tough financial consequences”.

Estrada said FATCA does not trample the rights of ordinary TT citizens. “We have people in this country who say they believe in fighting corruption, they believe in fighting terrorism (so) why would you not support a law like this?” He said the US is a land of law where taxes are paid.

“There are people with interests who are willing to take this country down, with them, to protect their interests.” Estrada said the US will mull various strategies on TT’s FACTA stance.

Charles in a statement alleged that Trinidad- born Estrada was “farce and out of place”.

“Outgoing ambassador Estrada seems to think that our country is some banana republic where we uncritically, without review, or detailed analysis support without question the dictates and impositions of our colonial masters, or ‘massas’ as our founding father was wont to say,” the MP hit in a statement.

“Ambassador Estrada is ‘farce and out of place’ firstly to flout diplomatic conventions and engage frontally in our domestic affairs where one can, based on his comments, take the view that he supports one side of the political divide.” Charles hit Estrada for allegedly suggesting that persons who sought a review, as provided for by a Joint Select Committee, must have “cocoa in the sun”.

The MP said Estrada ignores the fact that no one is against FATCA but many persons have called for a purposeful and comprehensive review of what it is, its implications for our country and the readiness of our institutions to comply with its mandates.

Charles alleged that Estrada lacks a full appreciation of the processes of the TT Parliament which he said exists to ensure the best laws are enacted in the interest of all citizens.

Charles said Estrada does not appreciate that at the Opposition’s insistence, proper procedures were put in place to ensure that the FATCA Bill will be passed in time to comply with US mandates, while ensuring its full review by interest groups in TT.

“Is he aware for example that payment to the IRS by US citizens working in our country and earning TT dollars have to be paid in US and not TT dollars? If this is true, as I am sure it is, we have to understand fully the implications for our foreign exchange situation and put mechanisms in place to effect same.” Charles lamented that as a TT national by birth, Estrada had all the goodwill for his posting to be a success and take TT forward, with a balanced, nuanced and informed perspective on deliberations on important issues.

“He missed many golden opportunities to be a transcendental figure and that is most unfortunate,” Charles concluded. “We wish him well in his future endeavors.”