'All systems go' as FATCA registration deadline looms

The Foreign Account Tax Compliance Act (FATCA) requires financial institutions outside the US to report details about their US clients to the Internal Revenue Service, in a move to prevent US taxpayers concealing assets and avoiding tax. In order to continue to serve American clients, firms must obtain a Global Intermediary Identification Number (GIIN) which will ensure they are on the IRS’ list of financial institutions, the first of which will be published on 2 June. The final FATCA rules come into force on 1 July, following several deadline extensions after groups complained about ...