Firms may have hoped the U.S. Foreign Account Tax Compliance Act would not go ahead but it is now clear that it will and they have little more than a year to comply. Moreover, other jurisdictions are likely to follow suit with their own versions of FATCA, a conference heard.
The inaugural FATCA Forum heard that while the deadline for FATCA had been delayed a year to January 2014, there was no doubt about its proceeding. There were still plenty of unanswered questions but firms needed to accelerate their FATCA projects. Most speakers at the forum thought that the U.S. regime was only the first of many and that countries such as France and Germany were among those thinking about introducing their own FATCAs in the not too distant future.
Firms had no choice but to prepare themselves regardless of the cost. Jon Griffin, managing director JP Morgan Asset Management and chairman of the FATCA working group of the European Fund and Asset Management Association, said cost was irrelevant because
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