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36The Bahamas InvestorparticipatingFFIs beforeFATCAwithholdingbegins onJanuary 1,2014. Theeffective date forFFI Agreementsentered before July 1,2013, will be July 1, 2013,and any FFI Agreement enteredinto after June 30, 2013, will be the datethe FFI enters the FFI Agreement. Due diligenceNew account due diligence proceduresgenerally must be in place from theeffective date of the FFI Agreement.Certain due diligence procedures forpre-existing private banking accountswith a value of at least $500,000 willneed to be performed within one yearfrom the effective date of the FFIAgreement and for pre-existing privatebanking accounts of a lower value by thelater of December 31, 2014 or the firstyear anniversary of the FFI Agreement.For all other pre-existing accounts,due diligence procedures must beperformed within two years of theeffective date of the FFI Agreement.There are some questions you should bethinking about already:. Who is championing the FATCAinitiative in your organization?. Is there a governance structure inplace to oversee and monitorFATCA compliance and have aproject leader and key stakeholdersbeen identified?. Has the organization completed anassessment of the impact and costsof FATCA?. Are there any strategic businessdecisions that need to be made?Some of these may involve exitingcertain markets.. Have budgets for FATCAimplementation and compliancebeen established?. Is the organization addressing anylegal concerns related to FATCA?. What is the internal and externalcommunication plan regardingFATCA, which can be critical fordiscussions with customers, analysts,investors and other stakeholders?In most situations, FATCA will be avery far-reaching undertaking forwithholding agents and FFIs, andorganizations should not underestimatethe effort required to comply.WEALTH MANAGEMENTLawrenceLewisLawrenceLewis isDeloitte's leadpartner for theForeignAccount TaxComplianceAct (FATCA) initiative for TheBahamas and Turks & CaicosIslands. In this capacity, he workswith the Deloitte US Tax Informationand Reporting Practice as theydeploy cross-functional talent to theglobal marketplace in response tothe demanding requirements of theprovisions of the FATCA regime.Lawrence is also the Enterprise RiskServices practice leader with over16 years of professional experienceserving clients in The Bahamas,throughout the Caribbean and inCanada. He is a certified publicaccountant (CPA), charteredaccountant (CA) and a certifiedinformation systems auditor (CISA). COURTESY LAWRENCE LEWISWe offer our diverse clientele a full range oflegal, corporate and consultancy services GIBSON, RIGBY& CO. COUNSEL& ATTORNEYS-AT-LAWNOTARIESPUBLICOur practice areas includebut are not limited to:. Company Incorporation and Management . Wealth Preservation . Real Estate & Conveyancing. Immigration Law . Securities Law, Trust Law . Financial Services. General Legal Consultancy NASSAU CHAMBERS & GRC CORPORATE SERVICESKi-Malex House at Villa Flora, Dowdeswell StreetP.O. Box SS-6836, Nassau, The BahamasTelephone: (242) 302-6100Commercial Fax: (242) 302-6106Litigation Fax: (242) 302-6107Email: lawyers@gibsonrigby.com Website: www.gibsonrigby.com

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