In March 2010, President Obama signed into law the Foreign Account Tax Compliance Act (FATCA). This legislation adds significant complexities to the already complex world of worldwide finance. The new regulation will impact every account holder in Hong Kong and elsewhere, and banks and asset management are tinkering with the idea of ceasing business with American Citizens or residents altogether.
In addition, other governments are seriously considering the implications of FATCA, and some are busy thinking about their own version of the regulation, applicable to other nationals. In this session, the speaker will:
- Explain what FATCA is about
- Talk about the implications for finance institutions and for account holders, in Hong Kong and elsewhere
- Discuss what makes the regulations so different and complex
- Share some of the business and political ramifications