Butterfield Bank CEO On FATCA Implementation
The Bank of N.T. Butterfield & Son Limited Chairman & CEO Brendan McDonagh commented on the implementation of the Foreign Account Tax Compliance Act [FATCA] in Bermuda and the Cayman Islands.
FACTA imposes due diligence, information reporting and control obligations on non-US financial institutions for certain US persons who maintain relationships with these institutions.
Mr. McDonagh said, “Since Bermuda and the Cayman Islands announced their intention to sign FATCA agreements with the United States some 14 months ago, Butterfield has devoted significant time and resources to developing an effective set of procedures and systems to enable us to be fully compliant with FATCA’s requirements.
“Today, I am pleased to report that we now have in place the necessary elements to comply with the FATCA reporting and implementation agreements in Bermuda and the Cayman Islands effective as of the June 30th deadline.
“The implementation of FATCA is an important step in the ongoing process of improving transparency in international financial services centres, which will only serve to benefit our industry.
“FATCA will provide an effective framework for our institutions and regulators to better interact with United States authorities and aid all parties in preventing improper account behaviour and removing the barriers to identifying non-compliant accountholders.
“FATCA implementation is an important milestone for both Bermuda and Cayman. Butterfield has also encouraged further measures aimed at modernising existing privacy laws to further enhance transparency in these jurisdictions and we would welcome the adoption of the necessary legislation to bring about those changes.”
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Ahhhh, how does FATCA help OUR industry and economy again?
It was odd how bank of Bermuda sold out….but sheeesh wally….that was a while ago….
FACTCA is just the US being a bully in the “school yard” – if you don’t do what we say then you can’t play in the sandbox. They are trying to find the so-called hidden wealth of its citizens at the expense of Banks domiciled outside their borders. Maybe if they had spent more time regulating what happens within their own borders financial, the sub-prime debt which set the recession in motion may not have happened. – Just a thought. As to benefit – there is none for our economy!