By Galia Antebi and Philip R. Hirschfeld
July and August were busy months for F.A.T.C.A. developments. We explain the highlights:
- The I.R.S. notified countries with early I.G.A.’s that more favorable provisions are available, but the notice may escalate the onboarding controversy with Canada and the U.K.
- The Common Reporting Standard is moving forward, either with or without U.S. participation and global F.I.’s must adjust reporting systems.
- Iceland and the United Arab Emirates publish F.A.T.C.A. guidance.
- Belarus ratified the I.G.A. with the U.S.
- Italy published an implementation decree for exchange of information.
- Turkey and Slovakia signed Model 1 I.G.A.‘s. See more →