FATCA Update: Intergovernmental Agreement and Guidance
25 June 2013, 1.00 pm CEST
Host: Bill Dodwell
Presenters: Chris Tragheim, Tom Shave
The Foreign Account Tax Compliance Act (FATCA) will require financial institutions, including certain treasury companies, to identify and report on their U.S. clients. FATCA will be implemented through a framework of intergovernmental agreements (IGA) between individual jurisdictions and the US. The UK has published guidance on the UK-US FATCA IGA implementation. This is expected to form a basis for similar agreements between the US and other jurisdictions. What does your organisation need to know? We'll discuss:
- Identification of ‘financial institutions’ and ‘financial accounts’.
- When group treasury companies may be included.
- Due diligence, registration, and reporting requirements.
- Timetable and next steps.
Keep up to date with this developing area.