Sat, Feb 28, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Leveraging off FATCA offers route to tax dollars for more than the US

Friday, October 12, 2012

amb
Jim Muir
By Beverly Chandler, Opalesque London: Jim Muir, director of AutoRek, the financial services data reconciliation firm and an expert on the Foreign Account Tax Compliance Act (FATCA) believes that there is a lack of readiness in the marketplace for the implementation of FATCA, and there has been a belief that it would go the way of other regulation and just slip quietly away. "I think the industry collectively misjudged how determined the Americans were to do it" he says in an interview with Opalesque.

FATCA is designed to force US citizens living overseas to declare their assets in accounts with foreign financial institutions (FFIs). FFIs will have to enter into compliance agreements with the US Treasury by 30 June, 2013 in order to report on their US clients, or face a withholding penalty equivalent to 30% of the payments to FFIs.

Muir believes that there has been a further misjudgement in appreciating how much of an interest other governments have in FATCA. "If you are an investment centre that attracts international finance, say the UK, it’s in the interests of the UK for the Americans to succeed with FATCA, because having established the principal that globally there is no hiding place, the UK can either implement its own mini FATCA or a bilateral arrangement with say Switzerland and say 'we are not going to go the American way and we are not going to hold you......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  2. Adamas Asset Management and Ping An Insurance to co-manage $500m debt fund[more]

    Komfie Manalo, Opalesque Asia: Hong Kong-based Adamas Asset Management and Ping An Insurance Group, one of China’s largest financial institutions, have finalized a memorandum of und

  3. Opalesque Exclusive: dbSelect’s top ten FX strategies average almost 10% in January[more]

    Benedicte Gravrand, Opalesque Geneva: In one of Deutsche Asset & Wealth Management (AWM)’s hedge fund platforms, called dbSelect, a number of FX Strategies did very well in January. dbSelect is a managed investment platform for unf

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie