Business
Jamaican bankers urge CARICOM to resist controversial US tax law – (FATCA)
Jamaican bankers and financial stakeholders lobbying the Jamaican government to take on a US tax compliance rule, which require them to release client information to American authorities, have gone regional.
But firms are still not clear how they will comply with the extra-territorial law and not break local privacy laws, while the state doesn’t yet know how it can intervene.
The Caribbean Association of Banks took a position paper to the Caribbean Community (CARICOM) back in June, when the group agreed to establish a task force to figure out how to take on Foreign Account Tax Compliance Act (FATCA).
The task force would comprise nine individuals including the Jamaican ambassador to Washington and another representative of the Government, due to Jamaica being the member state most advanced in addressing the FATCA issue.
But representatives of the Caribbean Association of Banks are hoping that its conference to be held in Jamaica in November, which they expect will see the largest meeting of regional bank heads, will result in regional stance.