LexisNexis® Guide to FATCA Compliance (4th ed., 2016)
120 Pages Posted: 9 Mar 2016 Last revised: 2 Sep 2016
Date Written: 2016
The LexisNexis® Guide to FATCA Compliance provides a framework for meaningful interactions among enterprise stakeholders, and between the FATCA Compliance Officer and the FATCA advisors/vendors. Analysis of the complicated regulations, recognition of overlapping complex regime and intergovernmental agreement requirements (e.g. FATCA, Qualified Intermediary, source withholding, national and international information exchange, European Union tax information exchange, information confidentiality laws, money laundering prevention, risk management, and the application of an IGA) is balanced with substantive analysis and descriptive examples. The contributors hail from several countries and an offshore financial center and include attorneys, accountants, information technology engineers, and risk managers from large, medium and small firms and from large financial institutions. Thus, the challenges of the FATCA Compliance Officer are approached from several perspectives and contextual backgrounds.
Several new contributing authors joined the FATCA Expert Contributor team this fourth edition. This fourth edition has been expanded by 19 new chapters and from a total of 54 to 73 chapters, with over 500 new pages of regulatory and compliance analysis based upon industry feedback of internal challenges with systems implementation. The previous 54 chapters have been substantially updated and expanded, including many more practical examples to assist a compliance officer contextualize the regulations, IGA provisions, and national rules enacted pursuant to an IGA. The new chapters include by example an in-depth analysis of designing a FATCA internal policy that is compliant with the initial two year soft enforcement initiative, designing an equivalent form to the W-8, reporting accounts, reporting payments, operational specificity of the mechanisms of information capture, management and exchange by firms and between countries, insights as to the application of FATCA and the IGAs within new BRIC and European country chapters, and a project management schedule for the compliance officer.
This fourth edition will provide the financial enterprise's FATCA compliance officer the tools for developing and maintaining a best practices compliance strategy, starting with determining what information is needed for planning the meetings with outside FATCA experts. This Guide may be leveraged in combination with the tools for identification of U.S. indicia of LexisNexis Risk Solutions.
Keywords: FATCA, offshore, international tax, tax haven, intergovernmental agreement, IGA, tax compliance, GATCA, Common Reporting System, OECD
JEL Classification: H26, H20, K34, K33, H25
Suggested Citation: Suggested Citation
Byrnes, William and Munro, Robert J., Lexisnexis® Guide to FATCA Compliance: Chapter 1 (2016). LexisNexis® Guide to FATCA Compliance (4th ed., 2016); Texas A&M University School of Law Legal Studies Research Paper No. 16-17. Available at SSRN: https://ssrn.com/abstract=2742383
By Susan Morse
By Omri Marian
By Omri Marian