KINGSTON, Jamaica – The Jamaican Government and the United States (US) are expected to sign an agreement by July aimed at endorsing a new hegemony tax act called the Foreign Account Tax Compliance Act (FATCA), which requires local financial institutions to rat out US account holders.
Concurrently, a government working group is seeking to get a number of institutions exempted from FATCA compliance based on their low risk.
“Our intention is to protect our financial institutions by signing the agreement by the end of July this year, have financial institutions registered and assigned … by mid-October so as to ensure that they will be deemed compliant,” said Myrtle Halsall, deputy governor of the Bank of Jamaica (BOJ).
