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The Association of International Life Offices (AILO) has written a letter to the US Treasury Department making representations in relation to the Foreign Account Tax Compliance Act (FATCA), following the most recent set of draft regulations published on 8th February 2012. Whilst some of the proposals in the draft regulations are welcomed by AILO, such as the intention to exclude low risk products such as retirement plans and the raising of thresholds for undertaking searches on individual life insurance business, AILO believes that further improvements could be incorporated into the final regulations to improve the likelihood of FATCA succeeding. In its letter, dated 30 April 2012, AILO explains its reasoning for seeking these improvements, giving details of the activities of its...
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