CRS Update

January 5, 2017 / Comments Off on CRS Update

Press Releases

From the CEO of BFSB:

Dear Members,

Please be advised that a BFSB CEO’s Briefing session was held at the British Colonial Hilton on January 4th, 2016 . We used this opportunity to provide an update on the current status of the CRS implementation process and would like to share the key highlights of the meeting:

Current Status

  1. The Automatic Exchange of Financial Account Information Act, 2016 came into force on the 1st day of January, 2017;
  2. Draft Regulations are being finalized;
  3. Draft Guidance Notes are under review and will be finalized once the regulations are done;
  4. Intended countries for negotiation of bilateral agreements have been identified. The list has been posted to the Government’s website and can be accessed here;
  5. The Bahamas government has issued letters of intent to negotiate with the countries identified;
  6. In addition to those countries which The Bahamas has expressed intention to negotiate there are others which have indicated to the OECD that they wish to enter into a bilateral agreements with the Bahamas; and
  7. The Bahamas will negotiate in good faith with all countries.

Next Steps:

  1. Regulations and Guidance Notes to be finalized. We expect the Regulations to be completed imminently and they will be circulated to all members;
  2. The Negotiation process to commence;
  3. Private sector support of implementation process will continue through the public/private sector CRS Task Force; and Industry will be updated as agreements signed.

Please do not hesitate to reach out to BFSB should you have any questions or require clarification.