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Insights Vol. 2 No. 7: F.A.T.C.A. 24/7

Volume 2 No 7   |   Read Article

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 →