UK implementation of FATCA
The US government enacted the Foreign Account Tax Compliance Act (“FATCA”) on 18 March 2010. FATCA generally imposes significant due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities. On 12 September 2012, the US Treasury Department announced its first inter-governmental agreement, an inter-governmental agreement between the UK and US governments.
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