Detecting a growing amount of Retail Distribution Review (RDR)-fatigue, I felt it might be an opportune time to cheer readers up by reminding them about another very important piece of regulation: the Foreign Account Tax Compliance Act, or ‘FATCA'.
This US law (approved by the US Congress in 2010) is aimed at catching out tax evasion by US citizens and has the potential to impact a number of advisers and their support partners. What it means Details have yet to be finalised, but what we know so far is that, from the start of 2014, all foreign financial institutions that either have US clients or hold US assets in any form will have to be compliant with FATCA. What this essentially means is that, by this time, the details of all US citizens who hold any financial assets with any non-US financial companies (the global scope of t...
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