'All systems go' as FATCA registration deadline looms

Wealth management firms are making final preparations for the introduction of US tax regime FATCA as the 5 May registration deadline approaches.

The Foreign Account Tax Compliance Act (FATCA) requires financial institutions outside the US to report details about their US clients to the Internal Revenue Service, in a move to prevent US taxpayers concealing assets and avoiding tax. In order to continue to serve American clients, firms must obtain a Global Intermediary Identification Number (GIIN) which will ensure they are on the IRS’ list of financial institutions, the first of which will be published on 2 June. The final FATCA rules come into force on 1 July, following several deadline extensions after groups complained about ...