14 November 2014
Keeping up with the evolution of FATCA
Since 2010, there has been a phenomenal increase in the pace of international initiatives designed to deter and detect tax evasion. The reputational and financial risks for failure to comply are high. The pace of legislative and regulatory change to implement these changes, coupled with the complexity of the obligations across multiple regimes in each territory creates significant costs, risks and operational challenges for financial institutions (FIs).
The catalyst for this is the introduction of the US Foreign Account Tax Compliance Act (FATCA) requiring FIs outside of the ...