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Director of the Police Complaints Authority, David West

The former head of the Central Authority says if the Foreign Account Tax Compliance Act, FACTA, bill is not passed in time several business in this country may have to shut down.

Speaking on the Power Breakfast Morning Show today, David West explained that the United States has given a deadline of September 30th 2016 for this country to put things in place.

He said if this is not done the US could then impose sanctions on local banks, which could be disastrous.

Yesterday the Government and Opposition agreed to set up a joint select committee of parliament to deal with the legislation.

However with time running out, Finance Minister Colm Imbert has asked the US for an extension.