Sun, Oct 2, 2016
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. Opalesque Exclusive: BlackRock taps Artivest for alternative investment platform partnership[more]

    Bailey McCann, Opalesque New York: BlackRock will be working with New York-based Artivest to provide a platform for broader distribution of BlackRock alternatives funds. Artivest is a technology-driven alternative investment platform that also offers brokerage services. BlackRock has approximatel

  2. Eden Rock buys Gottex stake in ERG Asset Management[more]

    Matthias Knab, Opalesque: Eden Rock Group announced the purchase of Gottex’s stake in ERG Asset Management and so the firm is now wholly owned by Eden Rock. The two firms established the joint venture in 2011 to focus on providing cost effective solutions to funds holding illiquid investments, as

  3. "Hedge fund industry needs to shrink"[more]

    Komfie Manalo, Opalesque Asia: Writing for CNBC, Josh Brown, creator of The Reformed Broker blog and financial advisor for Ritholtz We

  4. Strategy - Voyager Management wants to invest in smaller hedge funds[more]

    From Valuewalk.com: Voyager Management, a $475 million fund of funds, is looking to downsize the hedge fund’s in which they invest, looking for smaller funds with assets under management that enable the fund to be nimble. The fund is looking for noncorrelation and will consider long / short equity

  5. Asia - Quant hedge funds are China's hot new export, Europe banks return to Korean brokerage market; target debt, alternative products[more]

    Quant hedge funds are China's hot new export From Bloomberg.com: Add China’s quant shops to the list of hedge funds branching out across Asian markets. Quantitative money managers from the world’s second-largest economy are opening offshore funds at a never-before-seen pace, according to