FATCA: The End of Banking Secrecy?

Event date: 
Thu, 16/06/2011 - 08:00 - 09:15
Speaker: 
Ken Harvey, US Tax Partner & Charles Kinsley, Tax Partner, KPMG China

 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
     
FATCA: The End of Banking Secrecy?
Ken Harvey, US Tax Partner  
Charles Kinsley, Tax Partner
KPMG China

In March 2010, President Obama signed into law the Foreign Account Tax Compliance Act (FATCA). This legislation was passed in response to the ‘private banking scandal’ and was intended to reduce ‘offshore’ tax abuses by U.S. citizens and residents that the U.S. Government believes cost the U.S. Treasury billions of dollars every year. 

The impact of FATCA will be very visible in Hong Kong as well as other ‘offshore’ banking locations. Its implications are wide-ranging for financial institutions, investment entities, and many other global organisations. 

FATCA 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
Thursday 16 June 2011 
8:00 - 9:15am 
Harcourt Suite, 1/F, The Hong Kong Club 
1 Jackson Road, Central

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