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Automatic Exchange Of Financial Info Amendment Act Debated

NASSAU, BAHAMAS – Parliamentarians debate an amendment to the Automatic Exchange of Financial Account Information Act, which supports regular reporting by financial institutions.

Published

2 years ago

October 20, 2022

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NASSAU, BAHAMAS – Parliamentarians debate an amendment to the Automatic Exchange Of Financial Account Information Act. The act supports regular reporting by financial institutions and exchange of that reporting between countries.

The organization of Economic Co-Operation and Development and Financial Action Task Force said in their last report that The Bahamas is not in full compliance with reporting regulations globally.

The amendment to the Automatic Exchange Act will change this leading off debate on the amendment was Minister of State for Legal Affairs Jomo Campbell.

Campbell says the Bahamas will look to become fully compliant next year.

Meanwhile, Opposition Leader Michael Pintard says The Bahamas has been disadvantaged in the area of tax reporting by the unfair playing field that has been established by more developed countries.