The following statement was released by Ms. Tanya McCartney, the CEO of the Bahamas Financial Services Board (BFSB), an AIBT partner organization. As it relates to matters of relevance and importance to our Members, we are reposting here and distributing via member email.
December 22, 2016
CRS Implementation – The Bahamas Makes Progress
We are writing to advise that the bill to provide for the implementation of the Common Standard on Reporting and due diligence for financial Account Information in Tax matters and for connected purposes was passed unanimously in both Houses of Parliament.
Honourable Minister C.V. Hope Strachan, Minister of Financial Services noted that the passage of this legislation evidences The Bahamas’ commitment to implement the OECD’s Common Reporting Standard (CRS) for the Automatic Exchange of Financial Information in 2018. The Bill sets out the requisite legal framework to begin the process for the automatic exchange which is mandated to take place on an annual basis. Furthermore, Minister Strachan reiterated that The Bahamas will continue to strive towards meeting international standards of tax cooperation and transparency to preserve The Bahamas’ reputation as a compliant financial services jurisdiction and a financial centre of excellence.
This was a very important milestone for the financial services industry in the Bahamas. We commend Minister Strachan and her team at The Ministry of Financial Services – as the project lead on this initiative, the staff of The Office of the Attorney General and The Ministry of Finance who have actively engaged industry in this process.
See attached press release on behalf of Minister Strachan and the Ministry of Financial Services.
CEO & Executive Director