© 2018 by Hansuke Consulting Limited

 

Hansuke Consulting Limited is registered in England and Wales number 10136213 with its registered office at: 71-75 Shelton Street, London WC2H 9JQ. Hansuke Consulting Limited is an accredited and regulated member firm of the Institute of Chartered Accountants in England and Wales (ICAEW).

 

In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurer is International General Insurance Co (UK) Limited, of 133 Houndsditch London EC3A 7AH. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.

Alerts

FATCA bites hard

Contact us
12 September 2018 

The United States has extradited and convicted a bank official in the federal court in Brooklyn to possible maximum 5 years imprisonment for defrauding the United States by failing to comply with Foreign Account Tax Compliance (“FATCA”).

 

Despite the protection of intergovernmental agreements (IGA) with the jurisdictions where the non-compliance occurred, the Internal Revenue Service (“IRS”) has bypassed the IGAs and saw fit to take direct enforcement action. This is a concerning development as it sets a strong precedent and shows the extent to which the IRS will go to ensure FATCA compliance.

 

Foreign Financial Instructions (“FFI”) must have demonstrable systems and procedures in place to avoid regulatory action. The consequences of non-compliance can have personal ramifications.

 

Hansuke is currently engaged in assisting financial institutions across the globe, and in particular Responsible Officers, to ensure that the systems are fit for purpose. Please contact us if you have concerns about your compliance with FATCA.

Ali Kazimi

Managing Director

alikazimi@hansuke.co.uk

Tel: +44 (0) 203 865 0626