News & Analysis as of September 21, 2024

Foreign Account Tax Compliance Act › Office of Foreign Assets Control (OFAC)

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The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers... more +

Tenga Cautela Con Las Certificaciones De FATCA En Revisión De La OFAC

Foodman CPAs & Advisors on 5/24/2022

En un comunicado de prensa discreto entregado el 23/3/22 en relación a las Certificaciones de FATCA, el IRS actualizó las preguntas frecuentes (“FAQ”) de FATCA (P. 22) para informar a las partes interesadas de FATCA que el...more

Beware Of FATCA Certifications Being Under OFAC Review

Foodman CPAs & Advisors on 4/26/2022

In a quiet news release delivered on 3/23/22, the IRS updated the FATCA FAQ’s (Q. 22) to inform FATCA Stakeholders that a registration status could be changed to under review with a message indicating “For more information...more

Financial Institutions Can No Longer Afford to Underfund Compliance Hiring and Training

Foodman CPAs & Advisors on 6/18/2020

The Covid-19 Pandemic and the accompanying reduction in economic activity has been a rationale for Financial Institutions (FI) to re-analyze their budgets for compliance training and education. FIs, as well as businesses in...more

FATCA, FCPA, AML and OFAC allow the US to regulate the world. But what does it really mean?

Foodman CPAs & Advisors on 8/21/2017

In the current environment of increased regulation, transparency, reporting and heightened compliance standards, the US and its Government Agencies have an arsenal of tools with extraterritorial application. ...more

Panama Papers Fallout: A Push for Transparency and Regulatory Reform - Sanctions Also Levied Against Several Panama-Based...

Holland & Knight LLP on 5/20/2016

In the wake of the "Panama Papers" – the unprecedented leak of 11.5 million files from a Panamanian law firm that revealed thousands of names and addresses linked to offshore companies – the White House has announced several...more

AML and Investment Advisers: Understanding FinCEN's New Anti-Money Laundering Rules

BakerHostetler on 9/3/2015

On August 25, 2015, the Financial Crimes Enforcement Network (FinCEN) proposed rulemaking that would require registered investment advisers, including certain hedge funds and asset managers, to establish anti-money laundering...more

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