Minister: Committed To Exchange Of Information

July 13, 2017 | 0 Comments

“The Ministry of Finance has worked with the US Treasury for just under 30 years in the area of tax cooperation, pursuant to the USA – Bermuda Tax Convention 1986,” Minister of Finance Bob Richards said.

“The signing of the Mutual Legal Assistance Treaty [MLAT] in 2009 and the USA – Bermuda Foreign Account Tax Compliance Agreement [FATCA] in 2013 represent even more significant milestones in the enduring relationship between the United States of America and Bermuda in the area of international cooperation. Bermuda also has a tax information exchange relationship with the Russian Federation,” he continued.

“Both or either of Russia and the USA can send a TIEA request to Bermuda for any information they require to pursue any wrong doing. It is, therefore, not possible for Bermuda to shield any information from a TIEA request.

“Every aspect of our financial services policy objectives is designed to emphasise that a competitive, efficient, and stable financial centre operating with integrity is in Bermuda’s best interests. We offer experience, stability, and direct access to many of the world’s major commercial concerns.

“The U.S. economy benefits from greater access to international insurance capital in connection with the type of huge, catastrophic risks in which Bermuda’s insurance industry specialises, such as disasters like Hurricane Katrina, and the September 11, 2011 terrorists attacks demonstrate.

“Further to the above, the 2012 Bermuda and the World Economy Report determined that Bermuda was the most important foreign supplier of insurance and reinsurance to the United States, averaging $30 billion annually in payments in 2010 or as much as $35 billion annually in recovered losses and that Bermuda’s investment in the United States produces 300,000 jobs.

“One of the key objectives of the Ministry of Finance is to safeguard Bermuda’s economic interests in the face of challenge and threats in the changing global economy. Bermuda can demonstrate – not just by words, but by our track record – that we are committed to exchange of information and transparency.”

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