BREAKING: FATCA Bill passed

After months of debate, the House of Representatives has passed the Foreign Account Tax Compliance Act (FATCA).

Finance Minister Colm Imbert moved that the bill be read a third time and passed, around 7.44 pm following which the matter went to the vote.

All Opposition Members in the House voted in favour of the bill.

The Clerk of the House then reported to House Speaker Bridgid Annisette-George that the vote had ended up 39 for, 0 against, giving the bill far more that the required three-fifth's majority to be passed.

The bill was then read a third time and passed.

The critical legislation was delayed on several occassions as the Opposition called for it to be sent to a Joint Select Committee (JSC) of Parliament.

The Government eventually conceded after it failed to get the Opposition's support for the bill.

Following the sittings of the JSC, it was brought to Parliament last week Monday but again the Opposition objected, saying it did not think the JSC was allowed to properly do its job in time.

The Government agreed to reconvene the JSC and set today for the passng of the bill.

The Opposition said its support today was based on the "good work" done by its members on the JSC.

FATCA is a 2010 United States federal law to enforce the requirement for United States persons including those living outside the U.S. to file yearly reports on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN).

It requires all non-U.S. (foreign) financial institutions (FFIs) to search their records for indicia indicating U.S. person-status and to report the assets and identities of such persons to the U.S. Department of the Treasury.

Failure to comply with the legislation would have meant that T&T would have been black-listed and suffer severe financial consequences in attempt to conduct financial transactions with banks in the US.

 

 

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