Final FATCA Regulations Amplify Broad Sweep of Legislation for Securities and Banking Industry

This article was published by Wolters Kluwer in its February 2013 Special Report.

The Treasury and IRS have adopted final regulations implementing the Foreign Account Tax Compliance Act (FATCA). The regulations provide additional certainty for financial institutions and government counterparts by finalizing the step-by-step process for U.S. account identification, information reporting, and withholding requirements for foreign financial institutions, other foreign entities, and U.S. withholding agents.