October 15, 2012: Trust Companies Association of Japan (TCAJ)
FATCA comment letter
The Trust Companies Association of Japan (TCAJ) submitted more detailed responses as a follow up to the May 30, 2012 meeting to discuss comments on the February 8, 2012 Foreign Account Tax Compliance Act (FATCA) proposed regulations. The documents consists of two parts; one is the detailed explanation of Japanese trusts and why they should be treated in the manner essentially equivalent to financial accounts, and the other is the translation of applicable Japanese laws on certain trusts exempt from customer due diligence for the Japanese AML purposes.
A copy of the comment letter, submitted to the IRS in response to FATCA can be downloaded. Contact FATCA leaders for further information.