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FATCA could fundamentally change the way funds are distributed, says Charles Muller, Deputy Director General of ALFI, the Association of Luxembourg Funds Industry. Implementation will be a long and costly process and it will be the European investor who pays the price as US investors are very rarely invested in European funds. The Foreign Account Tax Compliance Act, or FATCA, was enacted in March 2010 by the US government to combat tax evasion by US taxpayers.
Key facts on FATCA:
- FATCA is due to be implemented on 1 January 2013;
- It affects funds invested in the U.S. market including, but not limited to, funds of funds, exchange-traded funds, hedge funds, private...
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