ACFCS.org updates visitors each week on worldwide developments in the run-up to full implementation of the US Foreign Account Tax Compliance Act. Staying informed of developments in FATCA, one of the most important financial crime laws of our time, is vital for thousands of financial institutions and corporations and millions of individuals around the world.
Here is what is occurring now
- On July 19, 2013, the IRS launched an updated, redesigned website on FATCA (here) which now includes information for:
- Individuals, about their reporting requirements concerning foreign financial accounts and offshore assets
- US and non-US financial institutions, about their duties under FATCA
- Foreign governments, about the benefits of Intergovernmental Agreements with the United States.
- A tantalizing question circulating worldwide among tax enforcers is whether the “Financial Intelligence Units” that some 140 nations have, like the US FinCEN or Australian AUSTRAC or Canadian FINTRAC, will be able to use the financial data produced under IGAs for criminal cases.
- Ireland’s Office of the Revenue Commissioners, the nation’s tax agency, released draft guidance notes on FATCA compliance and implementation.
- The Monetary Authority of Singapore, a city nation and tax secrecy haven that is as a magnet for big money from around the world, said it intends to sign an Intergovernmental Agreement (IGA) with the United States.
Have a tip on FATCA? Send it ACFCS Assistant Editorial Director Madelyn Young at firstname.lastname@example.org