Banks must take measured and cost-effective approach to compliance
While FATCA’s recent implementation delay has provided breathing space for financial institutions, they will do well to employ a measured and cost-effective approach to compliance.
According to a recent announcement by the US Internal Revenue Service (IRS), the deadlines for The Foreign Accounts Tax Compliance Act (FATCA) have been delayed yet again.
Signed into law by US president Barack Obama in 2010, in a bid to recover some of the estimated $100 billion that the IRS claims it loses every year to tax evasion, what FATCA does, is essentially force banks to disclose information about US clients’ offshore accounts. Notable aspects of FATCA that have been delayed include new account onboarding procedures and the timeline for entering into a foreign financial institution…
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, Risk and Regulation
, US Treasury
, Richard Weisman
, Baker & McKenzie
, Tim Clough