"We don't have any numbers that are specific to what is happening in The Bahamas," Annie Chinafat, the audit principal at KPMG told Guardian Business.
Many in the industry may be waiting for the final FATCA regulations to be released but, according to Chinafat
, the existing guidelines are sufficient for businesses to implement the necessary systems.
"They have not focused on what they really need to do, particularly with regard to processes and systems.
They are waiting for the final legislation, but by the time the legislation comes around, it will be too late," she
conjured the pre-year 2000 (Y2K) preparation period for an analogy.
Many businesses waited too long and found the major accounting firms and advisors who could help them through the process already spoken-for.
They ended up having to go-it alone.
The same type of situation could unfold for local FFIs, she