Peer Review of the Automatic Exchange of Financial Account Information 2025 Update

Trinidad and Tobago

Overall findings

Trinidad and Tobago’s legal framework implementing the AEOI Standard is in place but needs improvement in order to be fully consistent with the requirements in the AEOI Terms of Reference. While Trinidad and Tobago’s international legal framework to exchange the information with all of Trinidad and Tobago’s Interested Appropriate Partners (CR2) is consistent with the requirements, its domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures (CR1) has deficiencies significant to the proper functioning of elements of the AEOI Standard. Most significantly, a deficiency has been identified in relation to the scope of Investment Entities and the information to be reported for some Entities.

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

Overall determination on the legal framework: In Place But Needs Improvement

Conclusions on the legal framework

General context

Trinidad and Tobago committed to commence the exchanges under the AEOI Standard on a non-reciprocal basis in 2018 (i.e. it will send but not receive information), although was delayed in delivering its commitment and is expecting to commence exchanges in September 2026.

In order to provide for Reporting Financial Institutions to collect and report the information to be exchanged, Trinidad and Tobago:

• enacted the Mutual Administrative Assistance in Tax Matters Act (amended in 2024);

• introduced the Mutual Administrative Assistance in Tax Matters (Amendment to Schedule 1) Order, 2024;

• introduced the Mutual Administrative Assistance in Tax Matters (Prescribed Dates) Order, 2024;

• introduced the Mutual Administrative Assistance in Tax Matters (Commencement of Automatic Exchange) Order, 2025;

• introduced the Mutual Administrative Assistance in Tax Matters (Commencement of Reporting of Information By Financial Institution) Order, 2025; and

• introduced the Mutual Administrative Assistance in Tax Matters Regulations, 2025.

Under this framework Reporting Financial Institutions were required to apply the due diligence procedures in relation to New Accounts from 1 January 2025. With respect to Preexisting Accounts, Reporting Financial Institutions were required to complete the due diligence procedures on High Value Individual Accounts by 30 April 2026 and on Lower Value Individual Accounts and Entity Accounts by 31 December 2026.

With respect to the exchange of the information under the AEOI Standard, Trinidad and Tobago has the Convention on Mutual Administrative Assistance in Tax Matters in place, which entered into force from 1 April 2025, and activated the associated CRS Multilateral Competent Authority Agreement in time for exchanges in 2026.

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 (see Annex B).

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: In Place But Needs Improvement

Trinidad and Tobago’s domestic legislative framework is in place and contains most of the key aspects of the CRS and its Commentary requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures, but it needs improvement in relation to the scope of Reporting Financial Institutions required to report information (SR 1.1) the scope of Financial Accounts required to be reported and the due diligence procedures that must be applied to identify them (SR 1.2) and the information reporting requirements (SR 1.3). Most significantly, Trinidad and Tobago’s legislative framework does not correctly define the scope of Investment Entities and does not require information to be reported on all relevant Entities.

SR 1.1 Jurisdictions should define the scope of Reporting Financial Institutions consistently with the CRS.

Trinidad and Tobago has defined the scope of Reporting Financial Institutions in its domestic legislative framework in a manner that is largely consistent with the CRS and its Commentary. However, a deficiency has been identified. More specifically, Trinidad and Tobago’s legislative framework does not define Investment Entity in accordance with the requirements. The definition of Investment Entity is a key element of the AEOI Standard and is therefore material to its proper functioning.

Recommendations:

Trinidad and Tobago should amend its domestic legislative framework to ensure that the term Investment Entity only excludes specific types of Active NFE in line with the AEOI Standard.

SR 1.2 Jurisdictions should define the scope of Financial Accounts and Reportable Accounts consistently with the CRS and incorporate the due diligence procedures to identify them.

Trinidad and Tobago has defined the Financial Accounts that are required to be reported in its domestic legislative framework and incorporated the due diligence procedures that must be applied to identify them in a manner that is largely consistent with the CRS and its Commentary. However, deficiencies have been identified. More specifically, Trinidad and Tobago’s legislative framework:

• does not define Financial Accounts in line with the AEOI Standard; and

• does not define Passive NFE in line with the AEOI Standard.

The scope of Financial Accounts and the due diligence procedures to identify them are material to the proper functioning of the AEOI Standard.

Recommendations:

Trinidad and Tobago should amend its domestic legislative framework to include all of the required categories of Equity or debt interest in the definition of Financial Account in accordance with the AEOI Standard.

Trinidad and Tobago should amend its domestic legislative framework to ensure that managed Investment Entities in Non-Participating Jurisdictions are included in the definition of Passive NFE.

SR 1.3 Jurisdictions should incorporate the reporting requirements contained in Section I of the CRS into their domestic legislative framework.

Trinidad and Tobago has incorporated the reporting requirements in its domestic legislative framework in a manner that is largely consistent with the CRS and its Commentary. However, a deficiency has been identified. More specifically, Trinidad and Tobago does not require the reporting of information for all relevant Entities required by the AEOI Standard. The reporting of information on all relevant Entities is a key element of the reporting requirements and is therefore material to the proper functioning of the AEOI Standard.

Recommendations:

Trinidad and Tobago should amend its domestic legislative framework to ensure that information is reported for all Entities identified as Reportable Persons and not only those that have Controlling Persons that are Reportable Persons.

SR 1.4 Jurisdictions should have a legislative framework in place that allows for the enforcement of the requirements of the CRS in practice.

Trinidad and Tobago has a legislative framework in place to enforce the requirements in accordance with the CRS and its Commentary.

Recommendations:

No recommendations made.

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: In Place

Trinidad and Tobago’s international legal framework to exchange the information is in place, is consistent with the Model CAA and its Commentary and provides for exchange with all of Trinidad and Tobago’s Interested Appropriate Partners (i.e. all jurisdictions that are interested in receiving information from Trinidad and Tobago and that meet the required standard in relation to confidentiality and data safeguards). (SRs 2.1 – 2.3)

SR 2.1 Jurisdictions should have exchange agreements in effect with all Interested Appropriate Partners that permit the automatic exchange of CRS information.

Trinidad and Tobago has exchange agreements that permit the automatic exchange of CRS information in effect with all its Interested Appropriate Partners.

Recommendations:

No recommendations made.

SR 2.2 Such an exchange agreement should be put in place without undue delay, following the receipt of an expression of interest from an Interested Appropriate Partner.

Trinidad and Tobago put in place its exchange agreements without undue delay.

Recommendations:

No recommendations made.

SR 2.3 Jurisdictions should ensure that the exchange agreements in effect provide for the exchange of information in accordance with the requirements of the Model CAA.

Trinidad and Tobago’s exchange agreements provide for the exchange of information in accordance with the requirements of the Model CAA.

Recommendations:

No recommendations made.

Comments by the assessed jurisdiction

No comments made.