Insights

In February 2012, when the US Treasury Department issued the proposed Foreign Account Tax Compliance Act (FATCA) regulations, it was accompanied by a joint statement by five European countries that announced their intention to become FATCA Partner countries by signing a memorandum of understanding (MOU) with the US Treasury Department.In late June 2012, Switzerland and…

This article provides an update on the Foreign Account Tax Compliance Act (FATCA) as at October 2013. www.financialcrimesconsulting.com. Click here to view the original full article.

The Foreign Account Tax Compliance Act (FATCA) requires financial institutions to use enhanced due diligence procedures to identify US persons who have invested in either non-US financial accounts or non-US entities.  The intent behind FATCA is to keep US taxpayers from hiding income and assets overseas.Most FATCA provisions were expected to take effect in the…

Over the past few months, there has been a flurry of FATCA activity – including more than 110 submissions to the US Treasury Department from concerned industry groups, financial institutions, individuals and other lobby groups.  This culminated in a one-day public hearing held in Washington on 15 May.The IRS has also released further guidance on…

Since the proposed FATCA regulations were issued on 8 February 2012, there have been quite a few people burning the midnight oil to digest and understand the draft regulations so that a formal response could be submitted to the US Treasury by the 30 April 2012 deadline.The next stage in the process was a public…

Anyone who has been involved in designing, building, deploying or ultimately managing an anti-money laundering and counter-terrorism financing (AML/CTF Program) and has lived to tell the tale will agree on at least one thing – what appears to be relatively straightforward in theory is a great deal more complex to implement in practice, such is…

This webinar was facilitated by Joy Geary and involves a discussion on the similarities and differences between the Foreign Account Tax Compliance Act (FATCA) and Anti-Money Laundering and Counter-Terrorism Financing (Act) and the challenges that Foreign Financial Institutions (FFIs) can expect to face during the design, build and implementation of FATCA compliance programs. Click here…