Released on: Nov. 1, 2012
Taken from the briefing FATCA: The Deadline Looms... Will You Be Ready? recorded October, 2012.
In the wake of the massive criminal tax prosecutions of UBS and other foreign firms by the Department of Justice in the late 2000s, Congress enacted FATCA to combat tax evasion by U.S. persons and to deter the facilitation of tax evasion by foreign financial institutions (“FFIs”). To achieve these goals, FATCA requires that foreign ...