Peer Review of the Automatic Exchange of Financial Account Information 2020

Trinidad and Tobago

Overall findings

Overall determination on the legal framework: Not In Place

Trinidad and Tobago’s legal framework to implement the AEOI Standard is not in place. This is because Trinidad and Tobago has not put in place a domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures (CR1) nor an international legal framework to exchange the information with all Interested Appropriate Partners (CR2).

The methodology used for the peer reviews and that therefore underpins this report is outlined in Chapter 2.

Conclusions on the legal framework

General context

Trinidad and Tobago has not yet implemented the necessary legal frameworks.

Detailed findings

The detailed findings for Trinidad and Tobago are below, organised per Core Requirement (CR) and sub-requirement (SR), as extracted from the AEOI Terms of Reference (www.oecd.org/tax/transparency/documents/aeoi-terms-of-reference.pdf).

CR1 Domestic legal framework: Jurisdictions should have a domestic legislative framework in place that requires all Reporting Financial Institutions to conduct the due diligence and reporting procedures in the CRS, and that provides for the effective implementation of the CRS as set out therein.

Determination: Not In Place

Trinidad and Tobago has not put in place a domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures, therefore the CR1 Domestic legal framework is determined to be not in place. As no such framework is in place a detailed analysis in relation to each SR has not been possible.

CR2 International legal framework: Jurisdictions should have exchange relationships in effect with all Interested Appropriate Partners as committed to and that provide for the exchange of information in accordance with the Model CAA.

Determination: Not In Place

Trinidad and Tobago has not put in place the international legal framework to exchange the information with all of Trinidad and Tobago’s Interested Appropriate Partners, therefore the CR2 International legal framework is determined to be not in place. As no such framework is in place a detailed analysis in relation to each SR has not been possible.

Comments by the assessed jurisdiction

No comments made.