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BFSB hosts FATCA symposium

With the US Foreign Account Tax Compliance Act coming into force early next year, financial services professionals are preparing themselves for a "new normal" reporting regulations as regards US clients. 

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TheBahamasInvestor.com
Monday, November 5, 2012
Monday, November 5, 2012

As uncertainty grows over the new US Foreign Account Tax Compliance Act (FATCA), which is due to become law next year, financial services professionals in The Bahamas are gathering information from industry leaders on how the new regulations will affect them.


The Bahamas Financial Services Board (BFSB) hosted a FATCA symposium at the British Colonial Hilton today to educate the industry on issues such as compliance, the specifics of the legislation and how it will effect the insurance, wealth management and funds and securities sectors.

Under FATCA, foreign financial institutions (FFIs) will be forced to disclose information on their US accounts to the US Treasury. The legislation has undergone many revisions and delays with some provisions still being drawn up by the US government. The final regulations are expected to be issued by the end of the year.

Opening the event, chief executive officer and executive director of the BFSB Aliya Allen called the regulation “a broad and sweeping sea change in the financial world” and said it was making headlines around the globe. “The reality is FATCA is here and FATCA is not going away,” she told attendees.

Minister for Financial Services Ryan Pinder said FATCA was an indication of the growing importance of compliance.

“We as an industry must be prepared to accept that what we are subject to under FATCA will only be the start of a new normal,” he said. “We, as a long-standing jurisdiction that has developed a significant level of expertise, can not only compete in this new normal, but also be industry leaders.”

cmorris@dupuch

Brian Jones has been named as the recipient of Financial Services Development & Promotion Award 2012 for his work bringing the SMART Fund Model 007 to market.

Led by the Sustainable Tourism Unit and with the support of Small Planet Consulting, the Bahamas Ministry of Tourism recently launched its first-ever birding tourism development plan.

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