Compliance: how to keep your shirt together
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Compliance: how to keep your shirt together
If you think compliance is expensive - try non-compliance [former US Deputy Attorney General, Paul McNulty].  I touch on a number of compliance subjects, sharing my curiosity and many of my findings, Scooped & re-Scooped.
Curated by Simon Malherbe
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Russian FATCA? Foreign financial institutions shall submit reports to Russian tax authorities on foreign bank accounts of Russian clients starting from 18 December 2015 - CITT News

Russian FATCA? Foreign financial institutions shall submit reports to Russian tax authorities on foreign bank accounts of Russian clients starting from 18 December 2015 - CITT News | Compliance: how to keep your shirt together | Scoop.it

On 7 of December 2015 the Order of the Federal Tax Service of the Russian Federation “On approval of forms for reporting by foreign financial institutions located outside the Russian Federation of bank accounts (deposits) opened with them by...

Simon Malherbe's insight:

Smacks of the KGB mentality...

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Ireland signs up to tackle tax avoidance by multinationals with 30 other OECD countries - Independent.ie

Ireland signs up to tackle tax avoidance by multinationals with 30 other OECD countries - Independent.ie | Compliance: how to keep your shirt together | Scoop.it

Ireland is among 31 OECD countries that have signed up to the Multilateral Competent Authority Agreement designed to tackle tax avoidance and evasion by multinationals.

Simon Malherbe's insight:

The CRS tentacles keep reaching out...

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SFO: In first DPA, ICBC Standard Bank fined $33 million for failing to prevent Tanzania bribes - The FCPA Blog - The FCPA Blog

SFO: In first DPA, ICBC Standard Bank fined $33 million for failing to prevent Tanzania bribes - The FCPA Blog - The FCPA Blog | Compliance: how to keep your shirt together | Scoop.it
ICBC Standard Bank agreed to pay about $33 million in penalties and enter into a deferred prosecut...
Simon Malherbe's insight:

What about the other USD 5Bn being leached from Africa each year? US, UK, EU, etc. banks accept the money while "blind" to origins. Really?

 

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AEOI: similarities and differences with FATCA

3 minutes to understand the Automatic Exchange Of Information: the major points to keep in mind, with infographics support. Interview with Aude Donnève, ...
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That's all it takes, just 3 minutes... really

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Back to back: an infographic - Quintessence

Back to back: an infographic - Quintessence | Compliance: how to keep your shirt together | Scoop.it
Simon Malherbe's insight:

An interesting overview of FATCA vs CRS.

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Will the Republicans Repeal FATCA?

Will the Republicans Repeal FATCA? | Compliance: how to keep your shirt together | Scoop.it
Whether or not the Republicans repeal FATCA remains to be seen; the whys behind the potential legislative action are just as important as a repeal itself.
Simon Malherbe's insight:

Reading this in conjunction with the FATCA "Silver Bullet" I posted has to mean that we'll see something being done to FATCA. The Republicans won't be allowed to forget their commitment to rescind this law.

We'll probably turn blue from holding our breath first though.

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Is the FATCA "Silver Bullet" chambered?

The US Senate is back in the control of the Republicans: http://www.nytimes.com/2014/11/05/us/politics/midterm-elections.html?_r=0

 

Simon Malherbe's insight:

Now the question is, will the Republicans continue the push to kill FATCA as they declared in 2013. Watch this space...

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IRS Loosens Deadline for Banks to Document Foreign Status Under FATCA

IRS Loosens Deadline for Banks to Document Foreign Status Under FATCA | Compliance: how to keep your shirt together | Scoop.it
Oct. 10 Withholding agents and foreign financial institutions will be given extra time to comply with requirements for determining an account holders foreign status the IRS said.
Simon Malherbe's insight:

... thanks for small mercies. Finally the IRS wakes up to just how much work they've generated.

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Dealing with FATCA W8BENE forms!

Dealing with FATCA W8BENE forms! | Compliance: how to keep your shirt together | Scoop.it

The IRS has issued FATCA transition rules largely relieving new policy placements from FATCA for the balance of this year. Meanwhile, Lloyd’s has obtained the status of “Qualified Intermediary,” which will greatly ease brokers’ FATCA compliance burdens associated with Lloyd’s placements. Finally, to really ease your pain, The Council has launched its FATCA compliance Internet portal—W8BENE.com—which allows for one-stop collection of compliance forms from all participating carriers.

Simon Malherbe's insight:

This will help?!

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AML Compliance Tops - Again

AML Compliance Tops - Again | Compliance: how to keep your shirt together | Scoop.it
A recent advisory issued by the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) suggests that regulators are tightening their grip on financial institutions. It indicates that board members and senior management may be held accountable for potential compliance issues related to anti-money laundering.
Simon Malherbe's insight:

Maybe, just maybe, its time one or two chief execs do a little time for banks to comprehend this is serious?

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JDSupra: FATCA claims first victim

JDSupra: FATCA claims first victim | Compliance: how to keep your shirt together | Scoop.it

Indictment demonstrates the strength of US law enforcement efforts to combat offshore fraud and is the first to charge a FATCA violation.

On September 9, 2014, in US v. Robert Bandfield, et al., federal prosecutors in the Eastern District of New York announced the indictment of a US citizen and others, including offshore corporate service providers (CSPs) and investment managers, for conspiring with numerous US citizens to violate securities and tax laws, including evading reporting obligations under the recently implemented Foreign Account Tax Compliance Act (FATCA).

The full publication: http://www.jdsupra.com/legalnews/fatca-violation-underlies-latest-us-tax-78308/

Simon Malherbe's insight:

FATCA bites (no surprise).

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101 Countries Sign Up For FATCA

101 Countries Sign Up For FATCA | Compliance: how to keep your shirt together | Scoop.it

101 Countries Sign Up For FATCA

 

Foreign Account Tax Compliance Act (FATCA) has been in force for 2 months and still more countries are joining the tax network.

Simon Malherbe's insight:

The number of jurisdictions bring to mind a Disney tale featuring Cruella De Vil...

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Compliance Efforts Can Bring Business Benefits For Banks

Compliance Efforts Can Bring Business Benefits For Banks | Compliance: how to keep your shirt together | Scoop.it
Banks are finding business uses for the work they have to undertake for regulatory compliance.
Simon Malherbe's insight:

We are not just an operating expense; we've been saying this all along...

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Swiss sign ‘FATCA on steroids’ deals with Crown dependencies

Swiss sign ‘FATCA on steroids’ deals with Crown dependencies | Compliance: how to keep your shirt together | Scoop.it

Switzerland has signed joint declarations on the automatic exchange of information (AEOI), described as "FATCA on steroids", with Jersey, Guernsey, and the Isle of Man.

Simon Malherbe's insight:

It would help if reporters checked their facts; it is 47 countries for 2017  to date and a total of 92 for 2018 to date. The number continues - slowly - to grow.

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FATCA: Some Relief Given by the IRS

FATCA: Some Relief Given by the IRS | Compliance: how to keep your shirt together | Scoop.it

The IRS issued Notice 16-08 announcing that it will extend timelines or modify four elements...

W-8 & W-9 in electronic format and more..

 

 

Simon Malherbe's insight:

If you're burdened with FATCA either as a project or business as unusual then follow Prof. Wlliam Byrnes blog at http://lawprofessors.typepad.com/intfinlaw/

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Prepaid cards used by Paris attackers to rent hotel rooms

Prepaid cards used by Paris attackers to rent hotel rooms | Compliance: how to keep your shirt together | Scoop.it
Prepaid payment cards were seen as a positive development, helping those excluded from the banking system and providing a convenient financial tool, but their use in the Paris terror attacks has revealed a troubling dark side.
Simon Malherbe's insight:

Proof that you need to know your customer and how convenience comes at a cost.

 

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Barclays slapped with £72m FCA fine

Barclays slapped with £72m FCA fine | Compliance: how to keep your shirt together | Scoop.it
Barclays has been fined £72m for "failing to minimise the risk it may have been used to facilitate financial crime."
Simon Malherbe's insight:

Not caring sufficiently about your PEP's? Maybe you're next!

Bank have a moral responsibility to do AML/CFT properly, not just legal obligation.

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New rules for managers, clients and financial management are now in force - Vatican

New rules for managers, clients and financial management are now in force - Vatican | Compliance: how to keep your shirt together | Scoop.it

Under the terms of the new law, participants have the chance to report assets held in Italy or abroad that have not been reported before to the tax authorities. Indeed, the voluntary disclosure must identify all assets held, under pain of loss of the benefits associated with the procedure...

Simon Malherbe's insight:

The interesting observation on the article is the reference to the effect the AEoI / CMAA will have once it is fully in effect.

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Who's not coming to dinner? (AEoI notes)

Who's not coming to dinner? (AEoI notes) | Compliance: how to keep your shirt together | Scoop.it
There’s been a lot of news this week about a meeting in Berlin where finance ministers and tax bosses from 51 countries signed an agreement to implement automatic information exchange, a standard which we’ve been calling for for years and which is finally on the agenda. Germany’s finance minister Wolfgang Schäuble was probably not so very …
Simon Malherbe's insight:

Some interesting points raised...

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Tax - OECD

Tax - OECD | Compliance: how to keep your shirt together | Scoop.it

 

The new OECD/G20 standard on automatic exchange of information was endorsed today by a large number of OECD and G20 countries as well as major financial centres participating in the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin.

Simon Malherbe's insight:

The tax transparency drive takes a major step forward. Some breathing space as the reporting is pushed to September 2017

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EU & OECD move forward on AEoI Common Reporting Standard

EU & OECD move forward on AEoI Common Reporting Standard | Compliance: how to keep your shirt together | Scoop.it
Fifty countries, including 26 of the EU’s 28 member states, though not the US, have signed up to be early adopters of the Common Reporting Standard (CRS), the instrument unveiled by the OECD in July to implement the global exchange of tax...
Simon Malherbe's insight:

... and the list on the OECD website has 84 entries (including the USA). I suppose the IRS has realised just how big an elephant they're trying to eat.

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AEoI : Emerging global Standard | KPMG

AEoI : Emerging global Standard | KPMG | Compliance: how to keep your shirt together | Scoop.it
There has been significant progress since we first reported on the development of AEoI in an earlier issue. In this article, we examine what this really means along with reviewing the current implementation timeline of these early adopter jurisdictions.
Simon Malherbe's insight:

Some fresh reading on the subject plus one or two "heads-up" warnings about AEoI vs FATCA that are worth your attention - especially if you're an financial institution that thinks they've successfully dodged a bullet.

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OECD agrees 7 BEPS measures

OECD agrees 7 BEPS measures | Compliance: how to keep your shirt together | Scoop.it

OECD agrees to seven measures from its tax-avoidance action plan. The global fight to stop multinational corporations shifting profits overseas has just achieved an "important step forward", with the Organisation for Economic...

Simon Malherbe's insight:

Roll over in your grave George Orwell.

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FATCA in Europe: understanding grandfathering - Lexology (registration)

FATCA in Europe: understanding grandfathering - Lexology (registration) | Compliance: how to keep your shirt together | Scoop.it
FATCA in Europe: understanding grandfathering
Lexology (registration)
Withholding on US source income under FATCA started on 1 July 2014.
Simon Malherbe's insight:

Jou ma....

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FATCA Alert: IRS Issues Final Version of the Form W-8BEN-E and ... - JD Supra (press release)

FATCA Alert: IRS Issues Final Version of the Form W-8BEN-E and ...
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... and the final and temporary nature of FATCA proceeds ...

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