Bahamas and Blacklisting

By: Dave Olenzak. President and Founder of TWC.

According to the Tribune, an incorrect email address led to France's blacklisting of The Bahamas.  There are three types of information exchange enabled under the Tax Information Exchange Agreement (TIEA) between France and Bahamas:  

• Automatic Exchange of Information (an agreement to exchange information on a periodic basis),
• Spontaneous Exchange of Information (information sent when an instance or case if found), and
• Exchange of Information on Request (exchange requested by a jurisdiction).

It appears it was the latter that France took issue with.  Repeated email requests went unanswered, resulting in the blacklisting of The Bahamas by France.

Now the misunderstanding has been uncovered, The Bahamas is working with France to be removed from the Black List.