Tuesday, February 20, 2018

FATCA on steroids?*

Stuart Young

Over the last weekend, there was a leak of millions of financial documents outlining how a small global elite uses offshore tax havens to hide their wealth— in some cases from tax authorities.

That leak—called the Paradise Papers because a Bermuda law firm is involved—triggered the recollection of a Bankers Association of Trinidad and Tobago (BATT) news release issued on October 27, in which it “notes with concern” that T&T is the only remaining country that has not made sufficient progress regarding the implementation of the Common Reporting Standards (CRS).

The CRS is a tool aimed at combating tax evasion that was developed by the Organisation for Economic Co-operation and Development (OECD) and that allows for the automatic exchange of tax and financial information on a global level.

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