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By Michael Weis (picture), Director, and Kerstin Thinnes, Partner, PWC Luxembourg
Financial institutions are currently under constant pressure to comply with tighter regulations. FATCA is certainly one of the most pressing and far-reaching topics. The proposed FATCA regulations issued on 8 February 2012 have added a new spin to the discussion through their interaction and overlap with Anti-Money Laundering (AML) requirements. Such considerations will play a central role in respect of FATCA implementation, since a large part of the proposed FATCA regulations enhance reliance on local AML.
FATCA aims to combat offshore tax evasion on payments between US financial institutions, foreign financial institutions (FFIs) and other foreign entities....
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