Members of Parliament debated the Automatic Exchange of Financial Account Information (Amendment) Bill in the House Of Assembly last week.

Prime Minister and Minister of Finance, the Hon. Philip Davis contributed to the debate. He said, “we are all aware of the consequences of being listed on the EU’s list of non cooperative jurisdictions for all intents and purposes just as we did economic substance reporting this administration will do what’s necessary to ensure that we are viewed as cooperative and compliant. Addressing the legal gaps and developing and implementing an effective CRS AEOI compliance strategy will improve The Bahamas’ AEOI rating. It is important to note that should The Bahamas not address the recommendations and concerns of the Global Forum Secretariat The Bahamas will not be considered for a second round of effectiveness review in 2025. The Bahamas will maintain its rating of non compliant indefinitely.”

The Prime Minister also said The Bahamas remains willing and ready to cooperate.

The post HOA: Financial Bills appeared first on ZNS BAHAMAS.