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financing and all forms of financial crime, as is evidencedby [our] consistent compliance with thestandards," she wrote. Adding that Cayman remains"committed and determined to remain at the forefrontof jurisdictions in respect of information andenforcement of standards, such as those on availabilityof beneficial ownership information."The Bahamas' Minister for Financial Services RyanPinder has said that the local financial services industrymust be prepared to accept and adapt to automaticinformation exchange under the ForeignAccount Tax Compliance Act, and similar regimes,as it becomes the "new normal."Speaking at a "Complying with FATCA" one-dayregional conference on April 9, 2013, Pinder pointedout that FATCA is shaping up to be the "mostsignificant matter facing the international financialservices industry today.""The global paradigm is shifting to an expectation oftransparency globally," Pinder said. "We have beenwitnessing this evolution over the last 15 years fromwhen legislative changes were made for anti-moneylaundering purpose since the early 2000s, to the implementationof Tax Information Exchange Agreements,to the imposition of Organization for Economic Cooperationand Development and Financial ActionTask Force recommendations, and now FATCA.""We, however, have developed a significant level oflocal expertise; we must be committed to competingin this new normal. We can be industry leaders."Pinder said, in recognizing the importance of theinitiative: "We in the Ministry of Financial Servicesthought it wise, even before engaging the UnitedStates, to create a FATCA Task Force representativeof some of the most progressive minds in the privatesector of our financial services industry.""This FATCA Advisory Group had the mandateto review FATCA requirements and make recommendationsfor research and ultimate discussionand negotiation on matters particularly sensitiveand relevant to the financial services sector of theBahamas," Pinder noted. "It was this FATCA advisorygroup of private sector representatives whowould partner with my Ministry to prepare for thebeginning of negotiations on FATCA. Having recognizedthe areas of FATCA that have particularrelevance to our financial services industry, we areprepared to address them," he concluded.LuxembourgIn the context of its FATCA negotiations with theUS, Luxembourg has chosen the Model I agreement,which will provide for the automatic exchange ofinformation between Luxembourg and US tax authorities,on accounts held in Luxembourg financialinstitutions by citizens and residents of the US. Itis not yet clear whether the IGA will be reciprocal.According to the Luxembourg Government, thisdecision will put Luxembourg's relations with theUS in line with its declaration of April 10, 2013.On this date, Luxembourg announced that it willintroduce, on January 1, 2015, within the scope of15