The Bahamas Financial Services Board (BFSB) announced late last week that the jurisdiction has been granted a six year term for its Qualified Jurisdiction (QJ) status by the United States.
The decision to grant the six year term was made on the basis of an IRS determination that 'Know Your Customer' rules in the Bahamas are implemented to an acceptable standard for the purposes of operating a Qualified Intermediary regime, and will allow financial institutions based in the jurisdiction to benefit from reduced reporting and documentation requirements.
Speaking following the announcement, Minister of State for Finance, James Smith welcomed the news, explaining that the extended term of the status will increase the feeling of stability and certainty amongst financial service providers:
'It also sends a wider signal to the international community that the Internal Revenue Service regards the Know Your Customer requirements of The Bahamas as being on a par with international standards,' he told the BFSB.
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