FATCA: The End of Banking Secrecy?
In March 2010, President Obama signed into law the Foreign Account Tax Compliance Act (FATCA). This legislation was passed in response to the ‘private banking scandal’ and was intended to reduce ‘offshore’ tax abuses by U.S. citizens and residents that the U.S. Government believes cost the U.S. Treasury billions of dollars every year. The impact of FATCA will be very visible in Hong Kong as well as other ‘offshore’ banking locations. Its implications are wide-ranging for financial institutions, investment entities, and many other global organisations. KPMG China’s Pierre Noel, Head of FATCA Services, and Ken Harvey, Partner, U.S. Corporate Tax, discussed at the Chamber’s June 8 seminar the implications for finance institutions and for account holders, in Hong Kong and elsewhere, as well as some of the business and political ramifications.
2011/06/08