The US Foreign Account Tax Compliance Act (FATCA) is in the vanguard of a global movement towards the automatic exchange of information on tax matters. The US enacted FATCA in 2010 to tackle the problem of tax evasion by US citizens and residents who under-report or fail to report income related to their foreign financial accounts.
FATCA will take full effect on 1 January 2015, following a six-month transitional period. FATCA provides for the exchange of information between the US and its partner jurisdictions.
Foreign financial institutions (FFIs) in these jurisdictions and US withholding agents (USWAs) are required to collect information on account holders, and in certain cases their controlling persons and beneficial owners, and report on anyone who is, or might be, a specified US person, or who otherwise fails to co-operate with the FATCA regime.
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