Comisky is the coauthor of Tax Fraud and Evasion which contains chapters dealing with money laundering and FATCA
and GATCA frameworks have enough in common that a united approach by banks to both, particularly in terms of technology, should be considered not just advisable, but essential, the white paper notes.
Even for financial institutions that have a good handle on their FATCA
obligations, complying with the CRS model will be a monumental task because of a greater volume of data that needs to be reported," said Michael Plowgian, a principal in the International Tax practice of KPMG LLP and a former senior advisor at the OECD and attorney advisor with the Office of the International Tax Counsel at the U.
According to Banque Misr, work began in the bank since the end of 2013 on preparing a comprehensive programme to meet the requirements of the FATCA
The document also includes guidelines for submitting financial reports according to FATCA
standards, the UAE's framework and legislation as well as updates on the laws issued by the US Treasury Department.
Al Khoori added: "The Ministry will continue to meet all requirements for linking UAE government financial institution systems to the FATCA
With the implementation of FATCA
and with the rapid development of other international tax information compliance initiatives, DMS ITC Group has developed best practices and leading-edge technology to deliver a comprehensive range of practical and efficient solutions to comply with global tax information regulations, including U.
All the banks -- members of the Bank Association are taking steps to comply with their FATCA
agreement," the association said.
Other bankers said they had not received any notification from the Central Bank that the European Union was about to hammer out their own version of FATCA
These foreign pension funds sit squarely within the definition of "investment entity" for FATCA
However, Russia still lacks a legal framework for the banks to cooperate with FATCA
Bashar Yaish, Vice President for the Gulf Region, Software AG describes the consequences for institutions and solutions in adhering to FATCA