ARTICLE · 05 JUNE 2016

Bermuda And The International Transparency Drive

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With the spotlight on offshore financial centres in the wake of the Panama Papers revelations, Stephanie Paiva Sanderson explains Bermuda's participation in the global effort to increase tax transparency in part 1 of a 2 part series.

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With the spotlight on offshore financial centres in the wake of the Panama Papers revelations, Stephanie Paiva Sanderson, corporate attorney and chairwoman of the Industry/Government Joint Committee on Fatca and the Common Reporting Standard explains Bermuda's participation in the global effort to increase tax transparency in part 1 of a 2 part series.

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There has been an ever increasing trend in recent years towards global co-operation against tax evasion. With that comes a sea of acronyms! Many would agree that the wave of change began with the US Foreign Account Tax Compliance Act (Fatca). Bermuda entered into a Model 2 Intergovernmental Agreement with the US in 2013 which requires Bermuda financial institutions to identify US persons and report directly to the Internal Revenue Service.

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