The Association is of the view that the September 30th deadline to become FATCA compliant can still be met, as both sides expressed the political will to do so.
The Association would also like to note the distinction between the following deadline dates:
• September 30th- is for the enactment of the FATCA legislation (to become compliant).
• December 31st- is the reporting deadline date given by the IRS to indicate why the specific country did not meet the September 30th deadline, after which the IRS will consider, which territories are FATCA compliant. This is not a measure of comfort for countries not meeting the September 30th deadline.
Trinidad and Tobago cannot operate effectively without being networked to the United States’ financial system, which affords us greater connectivity to the global market place. Therefore, 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.
Therefore, we need to act swiftly in the national interest to pass the Bill as a matter of utmost importance.
- Bankers Association of Trinidad and Tobago