Prime Minister signs FATCA agreement with US Government

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Prime Minister signs FATCA agreement with US Government
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Prime Minister of St. Lucia Dr. Kenny Anthony (left), and U.S. Ambassador to Barbados, the Eastern Caribbean, and the OECS Larry Palmer sign the FATCA documents for St. Lucia. Looking on is the U.S. Embassy’s Acting Political/Economic Counselor Stephen Simpson.

PRESS RELEASE – On November 19, the government of St. Lucia signed an agreement with the Government of the United States of America to implement the U.S. Foreign Account Tax Compliance Act (FATCA).

Enacted by the U.S. Congress in 2010, FATCAtargets non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions to report to the Internal Revenue Service information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

This kind of information exchange is a top priority for the United States as access to information from international financial institutions is critically important to the full and fair enforcement of U.S. laws.

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Prime Minister of St. Lucia Dr. Kenny Anthony (left) and U.S. Ambassador to Barbados, the Eastern Caribbean, and the OECS Larry Palmer after the signing of the FATCA documents.

U.S. Ambassador to Barbados, the Eastern Caribbean, and the Organization of Eastern Caribbean States (OECS), Larry Palmer commented, “Every year, tax evasion deprives governments of all sizes of much-needed resources to fund public services and investments.

The United States welcomes St. Lucia’s commitment to enhancing global financial transparency by improving international tax compliance. Today’s signing marks a significant development in our nations’ collaborative efforts to combat offshore tax evasion — an objective that mutually benefits our two countries.

FATCA is yet one more example of the deep and substantial ways in which the economies of St. Lucia and the United States are linked.”

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9 COMMENTS

  1. like all other US citizen they will be bound under the FATCA initiative including nationals holding dual citizenship...You can't escape it. its beiing implemented in every single country they can impose on...

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  2. My PM commands the respect of all international world leaders and I am proud of that as a citizen of SLU....

    Who vex lose!!!! There is no one in the UWP that can command the respect of NGOS, Foreign heads and International Universities...

    Tell them to put that in their pipe and smoke it...

    True be told.... Go on with your bad self Mr. Pm

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    • My dear you probably should really read up on this whole FATCA issue and you would realize that he had no choice but to sign as St.Lucia would pay some hefty fines for non compliance.
      This is one instance where when the US say do this , you ask no questions. So before you think that this has anything to do with Kenny commanding respect , my dear it is the US holding us by our balls and we have to comply. This has ABSOLUTELY nothing to do commanding respect.
      Poor jab. Read more.

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    • If he was worth his salt he would tell the USA go to hell. Obviously you don't understand the ramifications of this agreement. KDA is a wimp now he has to pass legislation in parliament to enact law. If you ever get us residency you too will be subject to this. Now Caricom has their version of this. Another stupid move by this arrogant man.

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  3. But on another more strategic note...what impact would this arrangement now have on the Citizens By Investment Programme, bearing in mind that this arrangement would affect them directly (US Citizens). Hummmm maybe there is a reason why we are moving to he middle east...

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