FFIs still ditching US clients in light of Fatca

Shutting up shop

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Over the last two years financial institutions outside the US have had to accept that one or way or another they will have to comply with the Foreign Account Tax Compliance Act (Fatca). These foreign financial institutions (FFIs) have been working hard on compliance programmes that will enable them to recognise US indicia on new and existing clients. Significant investment has been made in suitable compliance programmes - both in terms of finances and man-hours - in order to achieve this goal.

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