FINANCE Minister Colm Imbert said TT will not surrender its sovereignty as it seeks to become compliant with requirements from international entities such as the Organization for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF) for greater transparency with respect to exchange of tax information and combating crimes such as money laundering and terrorist financing.
Imbert made this statement when he opened debate on the Miscellaneous Provisions (Trustees, Exchequer and Audit Act, the Minister of Finance (Incorporation) Act, Proceeds of Crime, Income Tax, Companies, Partnerships, Securities, Tax Information Exchange Agreements, the Non-Profit Organisations and Mutual Administrative Assistance in Tax Matters) Bill, 2023 in the Senate on Friday.
"I wish to assure this Senate that the Government is taking all possible steps to secure the best position for TT in this matter."
He added, "We do not intend to give up our sovereignty."
But he said it was important to pass the bill before year's end to help TT become more compliant with the regulations of the OECD. Imbert indicated that an OECD team will be in TT next February to examine whether local legislation conforms with its regulations with respect to transparency in taxation matters.
Imbert observed that Caricom and other developing countries have expressed concerns about the regulations of entities such as the OECD.
While he was optimistic there could be some give and take in the future, Imbert said, right now, TT and other nations had to comply with the requirements of such entities or face sanctions.
He identified the issue of beneficial ownership as a matter which entities like the OECD and FATF are particularly concerned about.
Imbert said it was one of many fronts and facades that people who engage in crimes such as money laundering and terrorist financing hide behind.
While compliance with the requirements of these bodies is important, Imbert said there is also a need to ensure that people can properly register any beneficial ownerships they have in a timely manner.
He added that their ability to do so, hinged on the protection of their data from threats such as cyber attacks and providing sufficient time frames for people to file their beneficial ownerships with the relevant local entities.
"It's like the lottery. If you don't have a ticket, you don't have a chance."
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