FFIs facing legal conflict with Fatca compliance, experts warn

james-siswick-kpmg
James Siswick, KPMG

Jurisdictions without an intergovernmental agreement (IGA) in place under the Foreign Account Tax Compliance Act (Fatca) will face a legal conflict in complying with the US tax law, industry experts warn.

Following the announcement this week that Jersey, Guernsey and the Isle of Man intend to pursue a model agreement with the US Internal Revenue Service (IRS), experts warn that national governments will have to hurry to put IGAs in place, or see their banks forced to choose between breaking loca

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