Expected Implications & Likely Activities Flowing from FATCA & Related Intergovernmental Agreements
FATCA and the resulting IGAs have caused enormous compliance concerns across the financial services industry. The requirement to report information on foreign assets held by U.S. persons in a thorough manner has been placed at the forefront of compliance personnel across the industry. Understanding and complying with the numerous demands of the respective IGAs is of obvious importance. A potentially more important issue emerges, however, as the DOJ seeks to leverage the enormous amount of information soon to be available about non-compliant U.S. tax payers.
The DOJ has a well-established history of creating larger prosecutions directed at financial institutions based on the information gathered from alleged individual wrongdoers. A recent example of this DOJs practice can be seen in the prosecutions and settlements unfolding across the Swiss banking industry.
Understanding how the DOJ investigates and prosecutes a case with the use of amnesty program participants and other cooperating witnesses is critical to prepare for and head off the likely prosecutions that could follow FATCA and the IGA compliance.
And the DOJ is not alone as the UK is preparing to receive information on its own taxpayers' hidden assets.
There are essential steps that financial services companies should be taking today to prepare for the coming commotion about to be brought on by the DOJ and related agencies.
Hear from an integrated team of experienced professionals with government and cross-border/offshore backgrounds on strategic approaches by which to optimize the clients' outcomes and preserve options.
Partner, Kobre & Kim (BVI)
Partner, Kobre & Kim (New York)
Member, Kinetic Partners (London)