“This week the Foreign Account Tax Compliance Act (FATCA) celebrated its one year anniversary of coming into force.
FATCA is a US regulation which requires foreign financial institutions (FFIs) to identify and report certain information to the Internal Revenue Service (IRS) regarding US accounts. When FATCA first came into effect on 1 July 2014, the act came under criticism for making it harder for international financial institutions to comply. The US Treasury Department, however, was defensive of FATCA and said that the act would bring greater transparency to the banking sector and would help to improve compliancy by US taxpayers – but what has happened over the past year?”
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