As we move toward the end of 2012, many non-U.S. financial institutions have been eager for information on how the Foreign Account Tax Compliance Act (FATCA) is going to be implemented. They are the entities which will have major obligations for due diligence and reporting about U.S. account holders, once the law becomes effective.
As of yet, the final regulations have not been published, and while there reportedly is much activity toward bi-lateral inter-governmental agreements (IGAs) between the United States and other countries, only one IGA –that with the United Kingdom – has been signed.
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