Tag Archives: FATCA

FATCA Update: First-ever conviction signals increased enforcement risk

The former CEO of Saint Vincent-based Loyal Bank pleaded guilty and was convicted on 11 September of conspiring to defraud the US by failing to comply with the Foreign Account Tax Compliance Act (FATCA). This is the first conviction obtained … Continue reading

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Filed under Announcements, Bribery and Corruption, Hong Kong, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, US

U.S. announces 6 month extension for FATCA withholding

The U.S. Department of the Treasury (Treasury) and the U.S. Internal Revenue Service (IRS) have announced an extension to certain key dates for the implementation of the Foreign Account Tax Compliance Act (FATCA).

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Filed under Americas, US

Australian funds, are you FATCA ready?

FATCA is United States legislation which is designed to enable the IRS to obtain information about offshore accounts held by US. taxpayers. The Australian government is pursuing an intergovernmental agreement with the U.S. but the scope and implementation date for … Continue reading

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Filed under Australia

The cost of complying with FATCA – similar initiatives to follow?

HMRC has published draft regulations for compliance with the US Foreign Account Tax Compliance Act (FATCA).  The draft regulations are published alongside guidance notes, a tax information and impact note, and an explanatory webpage.  The regulations are expected to come … Continue reading

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Filed under Draft Legislation, HM Treasury, UK, UK Regulations, US

HM Treasury and US Tax Authority release model agreement to implement FATCA in the UK and extend information sharing powers between the US and the UK

HM Treasury (in conjunction with the governments of France, Germany, Italy and Spain – together the ‘FATCA Partners’) have published the terms of a model agreement (the ‘Model Agreement’) which they propose to enter into with the US government (the … Continue reading

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Filed under Americas, HM Treasury, JURISDICTIONS, Retail Banks, UK, US