1. WHAT IS FATCA? – The Hiring Incentives to Restore Employment Act, signed into US law in March 2010, includes provisions generally known as FATCA. – These provisions are intended to obtain information on assets held by US persons outside the US. i. To that end, FATCA requires financial institutions (which include UK funds) outside […]

The Guernsey Financial Services Commission is committed to maintaining appropriate and effective standards of regulatory supervision within the Bailiwick in order to protect its international reputation as a financial centre. Through its onsite program and enquiries received from industry, the Financial Crime and Authorisations Division has identified a number of areas where it has been […]

HM Treasury has published a set of responses to Frequently Asked Questions (FAQs) regarding the scope and practical applicability of the UK financial sanctions regime. The FAQs include detail on the applicability and enforcement of the regime, the powers of HM Treasury in relation to information gathering, and details on HM Treasury’s list of persons […]

The Alternative Investment Management Association (AIMA) has published its guidance and frequently asked questions (FAQs) on the US Foreign Account Tax Compliance Act (FATCA). Among other things it includes the key elements of FATCA, template intergovernmental agreements and foreign financial institutions registration and reporting information. A copy of the paper is available. http://www.aima.org/objects_store/fatca_-_aima_guidance_faqs_-_23_may_13.pdf