AMCHAM T&T Welcomes Government’s Progress on Critical Matters
AMCHAM T&T welcomes Trinidad and Tobago’s removal on the grey list by the Financial Action Task Force (FATF) which has concluded that T&T would no longer be subjected to active monitoring.
Although we maintain that there was no need for our country to ever end up on the “grey list”, we take this opportunity to congratulate the Government and, the Attorney General’s Office in particular, for spearheading and implementing the regulatory and legislative measures required to achieve this milestone.
As the largest economy in the English-speaking Caribbean with the strongest financial sector, we must ensure that our regulatory environment is efficient, modern and robust. The measures taken to get enhance our FATF compliance are a significant step in this direction.
We note also that this announcement comes less than two weeks after the full proclamation of the Fair Trading Act (FTA). The coming into force of the FTA is another extremely positive step to enhancing the regulatory environment by providing a more robust framework for fair competition and therefore for new, sometimes smaller entrants equal access to the market.
We have, in the past, lamented the lack of alacrity in the passage legislation to enhance efficiency in the country. While there is more to be done, we would like to say kudos to the Government in these two instances.
We look forward to the passage of the Tax Information Exchange Bills within the next week since both Government and Opposition have signaled their intent to support. This legislation is critical to having the country removed from the EU list of non co-operative tax jurisdictions and therefore safeguard the ability of the local banking system to conduct international business. It will also allow individual companies to more effectively do business in T&T by reducing the cost and administrative burdens of doing business in our country, thereby increasing our attractiveness if done in tandem with other measures to improve the ease of doing business.
In addition, we look forward to the materialization of the Government’s commitment to pass the Public Procurement Legislation before the end of March 2020; the laying of the Beverage Container Bill and the introduction of legislation to operationalize the T&T Revenue Authority, that are both reflective of the concerns of all stakeholders.
For further questions or comments please contact: Nirad Tewarie, CEO AMCHAM T&T at email@example.com or 728-8274
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