It is time to fundamentally reevaluate the information exchange and reporting system that has grown up over the past two decades and begin the process of considering how to better meet the needs of the people these laws are meant to serve.
As a kid growing up in America, college football was larger than life, as I imagine it is with soccer outside of the U.S., with a plethora of teams and associated mascots to choose from. Like most kids, I had my favorites, based on colors or the ...
Add the introduction of FATCA and responsibility for reporting to senior managers, regulators and financial reporting units in multiple formats, and for some the workload can quickly become overwhelming.
The recent rhetoric of the G20, OECD and other international bodies includes official corruption as a critical global problem. This is then tied back to ‘tax havens’ and ‘bank secrecy’, i.e. offshore financial services centres are active participants in processing the proceeds of official corruption, particularly corruption in the impoverished third world.
The initial and on-going risk assessment is the foundation of any compliance system regardless of its scope. There are a number of compliance processes reliant on country risk assessments and a reasonable methodology for country risk assessment is vital.
If there is a demand for a good or service, whether legal or not, it will be supplied by someone. This basic fact of life is understood by most people, except for those who believe in utopia or are so power-possessed that they deny reality. All too often, attempts by government to ban or regulate an activity make the situation worse.
On March 18, 2010, the Hiring Incentives to Restore Employment Act of 2010 added chapter 4 to Subtitle A of the U.S. Internal Revenue Code. The provisions in Chapter 4 are commonly referred to as the Foreign Account Tax Compliance Act.
Under the watchful eye of the premier, the minister for Financial Services, the attorney general, and the managing director of the Cayman Islands Monetary Authority, representatives of the private and public sectors gathered at a hotel for a two and a half day workshop.
In June 2013 the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-08, Financial Services – Investment Companies – Topic 946 – Amendments to the Scope, Measurement, and Disclosure Requirements (ASU 2013-08).