Credit unions wish Fatca 'did not exist'


Credit unions will struggle to implement the US Foreign Account Tax Compliance Act (Fatca), warns Michael Edwards, vice-president and chief counsel at the World Council of Credit Unions (Woccu).

The regulatory burden associated with Fatca and the intergovernmental agreements (IGAs) intended to enforce it at a government-to-government level mean that credit unions are hoping that Fatca will be repealed, Edwards says.

"Credit unions around the world would prefer it if Fatca did not exist, mostly b

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