Client onboarding, reference data and business research vendor Alacra has added global intermediary identifier numbers (GIINs) to the Alacra Authority File Plus (AAF+), officials say. There are approximately 140,000 institutions with GIINs, which are issued by the Internal Revenue Service (IRS) to foreign financial institutions (FFI) as part of the Foreign Account Tax Compliance Act… Read More >>
Ben Bernanke to Advise Citadel
Former Federal Reserve Chairman Ben S. Bernanke will soon be serving as an outside senior advisor for hedge fund Citadel, officials say. In this position Bernanke will consult with Citadel teams on developments in monetary policy, financial markets and the global economy. Citadel has total assets under management (AUM) of about $25 billion. “We are… Read More >>
Welcome to the FATCA Follies Tour
It’s reassuring that the fireworks of the Foreign Account Tax Compliance Act (FATCA) are showing no signs of slowing down. One might even call it a global review and title it “The FATCA Follies.” Since FATCA became law in 2010, it has had many ramification such as compelling firms with clients affected by the law… Read More >>
Obama Wants a New Tax on the 100 Biggest Firms
President Obama’s just released 2016 fiscal year federal budget proposal is already ruffling Republican feathers in Washington, D.C., and it’s no wonder as it includes taxes meant to stimulate controversy. In particular, the Obama administration is taking aim at big Wall Street banks and other securities firms. “The President’s proposal would make it more costly… Read More >>
IRS Launches Web App for FATCA Reporting
Internal Revenue Service (IRS) officials are opening enrollment for its web app, the International Data Exchange Service (IDES), which targets financial institutions and host country tax authorities that want to “securely send their information reports” about U.S. persons governed by the Foreign Account Tax Compliance Act (FATCA) and/or the terms of intergovernmental agreements (IGAs). “More… Read More >>
What Will the G.O.P. Do If They Win?
If the votes go well for them on Tuesday, Nov. 4, what will the Republicans do with their new power? In case you haven’t been following the horse-race coverage in the U.S. media, all the signs point to a good night for Republicans on November 4 when the U.S. votes in another pivotal, mid-term election…. Read More >>
Q&A: Are You Ready for FATCA, Phase 2?
(Editor’s note: Firms are moving into the second major phase of meeting the requirements of the Foreign Account Tax Compliance Act (FATCA). FTF News spoke to Micah Willbrand, the London-based director, global AML product marketing at NICE Actimize, about the changes firms are making as a result of FATCA compliance. For now, firms have some… Read More >>
Special Report: Surviving the Phenomenon of FATCA
No matter how hard financial services firms try, they cannot avoid the reach of the Foreign Account Tax Compliance Act (FATCA), a law meant to curtail offshore tax evasion. In this 15-page, in-depth report, FTF News explores the complexities of meeting the FATCA deadlines and the demands of the IRS even as the government provides… Read More >>
Is FATCA a Train Wreck You Can’t Miss?
Conventional wisdom has taken a beating recently especially for domestic and international politics. Who would have predicted six months ago that Republican House Majority Leader Eric Cantor would be defeated in a primary, Russia would have annexed Crimea and is threatening to invade the Ukraine, and Iraq would be sliding toward a sectarian war? The… Read More >>
The GOP’s New Attack on FATCA
(Editor’s note: The following is an excerpt from a feature that is part of a forthcoming FTF News Special Report on FATCA.) In its ongoing battle to repeal the Foreign Account Tax Compliance Act, the Republican National Committee is hoping to mount a legal challenge to the constitutionality of the push to curtail offshore tax… Read More >>
