LexisNexis® Guide to FATCA and CRS Compliance

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The LexisNexis® Guide to FATCA Compliance provides a framework for meaningful interactions among enterprise stakeholders, and between the FATCA Compliance Officer and the FATCA advisors/vendors. Analysis of the complicated regulations, recognition of overlapping complex regime and intergovernmental agreement requirements (e.g. FATCA, Qualified Intermediary, source withholding, national and international information exchange, European Union tax information exchange, information confidentiality laws, money laundering prevention, risk management, and the application of an IGA) is balanced with substantive analysis and descriptive examples. The contributors hail from several countries and an offshore financial center and include attorneys, accountants, information technology engineers, and risk managers from large, medium and small firms and from large financial institutions. Thus, the challenges of the FATCA Compliance Officer are approached from several perspectives and contextual backgrounds.

Several new contributing authors joined the FATCA Expert Contributor team this fifth edition. This fifth edition has been expanded by new chapters and now totals  78 chapters, growing to over  1,800 pages of regulatory and compliance analysis based upon industry feedback of internal challenges with systems implementation. The previous chapters have been substantially updated and expanded, including many more practical examples to assist a compliance officer contextualize the FATCA and CRS regulations, IGA provisions, and national rules enacted pursuant to an IGA. The new chapters include by example an in-depth analysis of designing a FATCA internal policy that is compliant with the initial two year soft enforcement initiative, designing an equivalent form to the W-8 that captures CRS criteria, reporting accounts, reporting payments, operational specificity of the mechanisms of information capture, management and exchange by firms and between countries, insights as to the application of FATCA and the IGAs within BRIC, Asian, and European country chapters, and a project management schedule for the compliance officer.

This fifth edition will provide the financial enterprise’s FATCA compliance officer the tools for developing and maintaining a best practices compliance strategy, starting with determining what information is needed for planning the meetings with outside FATCA experts. This Guide may be leveraged in combination with the tools for identification of U.S. indicia of LexisNexis Risk Solutions (http://www.lexisnexis.com/risk/).

Authors / Contributors

Table of Contents

Chapter 1 Background and Current Status of FATCA

Chapter 1A A Framework for Understanding International Financial Regulation        

Chapter 2 Practical Considerations for Developing a FATCA Compliance Program

Chapter 2A FATCA Policy and Good Faith Compliance

Chapter 2B FATCA Project Management for the Financial Institution  

Chapter 3 FATCA Compliance and Integration of Information Technology

Chapter 4 Financial Institution Account Remediation

Chapter 4A Customer Outreach  

Chapter 5 FBAR and Form 8938 Reporting and List of International Taxpayer IRS Forms

Chapter 5A U.S. Offshore Account Enforcement Issues

Chapter 5B Due Diligence Protocol to Identify U.S. Related Accounts under the Swiss Bank Program

Chapter 6 Specified Foreign Financial Asset Reporting

Chapter 7 Foreign Financial Institutions

Chapter 7A Account Reporting Under FATCA  

Chapter 8 Non-Financial Foreign Entities

Chapter 9 FATCA and the Trust Industry

Chapter 10 FATCA and the Insurance Industry

Chapter 10A FATCA and the Asset Management Industry

Chapter 11 Withholding and Qualified Intermediary

Chapter 12 FATCA Withholding Compliance

Chapter 13 ''Withholdable'' Payments

Chapter 13A Analysis of Reportable Payments Pursuant to FATCA

Chapter 14 FATCA Documentation

Chapter 14A W8 Equivalents

Chapter 15 Framework of Intergovernmental Agreements

Chapter 15A Financial Accounts Excluded, in IGA Jurisdictions, from FATCA by Annex II of an IGA

Chapter 16 Analysis of Current Intergovernmental Agreements

Chapter 17 European Union Cross Border Information Reporting

Chapter 18 The OECD Role in Exchange of Information: The Trace Project, FATCA, and Beyond

Chapter 18A The Common Reporting Standard (CRS)

Chapter 19 Germany-U.S. Intergovernmental Agreement and its Implementation

Chapter 20 Ireland-U.S. Intergovernmental Agreement and its Implementation

Chapter 21 Japan-U.S. Intergovernmental Agreement and its Implementation

Chapter 22 Mexico-U.S. Intergovernmental Agreement and its Implementation

Chapter 23 Switzerland-U.S. Intergovernmental Agreement and its Implementation

Chapter 24 The United Kingdom-U.S. Intergovernmental Agreement and its Implementation

Chapter 25 Exchange of Tax Information and the Impact of FATCA for Brazil

Chapter 26 Exchange of Tax Information and the Impact of FATCA for The British Virgin Islands

Chapter 27 Exchange of Tax Information and the Impact of FATCA for Canada

Chapter 28 Exchange of Tax Information and the Impact of FATCA for Spain

Chapter 29 Exchange of Tax Information and the Impact of FATCA for China

Chapter 30 Exchange of Tax Information and the Impact of FATCA for Netherlands

Chapter 31 Exchange of Tax Information and the Impact of FATCA for Luxembourg

Chapter 32 Exchange of Tax Information and the Impact of FATCA for Russia

Chapter 33 Exchange of Tax Information and the Impact of FATCA for Turkey

Chapter 34 Exchange of Tax Information and the Impact of FATCA for India

Chapter 35 Exchange of Tax Information and the Impact of FATCA for Aruba

Chapter 36 Exchange of Tax Information and the Impact of FATCA for Australia  

Chapter 37 Exchange of Tax Information and the Impact of FATCA for Cyprus  

Chapter 38 Exchange of Tax Information and the Impact of FATCA for Argentina  

Chapter 39 Exchange of Tax Information and the Impact of FATCA for Bermuda

Chapter 40 Exchange of Tax Information and the Impact of FATCA for Colombia  

Chapter 41 Exchange of Tax Information and the Impact of FATCA for Hong Kong  

Chapter 42 Exchange of Tax Information and the Impact of FATCA for Macau

Chapter 43 Exchange of Tax Information and the Impact of FATCA for Portugual

Chapter 44 Exchange of Tax Information and the Impact of FATCA for South Africa

Chapter 45 Exchange of Tax Information and the Impact of FATCA for France

Chapter 46 Exchange of Tax Information and the Impact of FATCA for Gibraltar

Chapter 47 Exchange of Tax Information and the Impact of FATCA for Guernsey  

Chapter 48 Exchange of Tax Information and the Impact of FATCA for Italy

Chapter 49 The Impact of FATCA on Exchange of Information for the Republic of Korea

Chapter 50 New Zealand-U.S. Intergovernmental Agreement and its Implementation

Chapter 51 Exchange of Tax Information and the Impact of FATCA for Suriname

Chapter 52 Exchange of Tax Information and the Impact of FATCA for Singapore

Chapter 53 Exchange of Tax Information and the Impact of FATCA for Brunei Darussalam

Chapter 54 Exchange of Tax Information and the Impact of FATCA for Cambodia

Chapter 55 Exchange of Tax Information and the Impact of FATCA for Myanmar

Chapter 56 Exchange of Tax Information and the Impact of FATCA for Pakistan

Chapter 57 Exchange of Tax Information and the Impact of FATCA for Indonesia

Chapter 58 Exchange of Tax Information and the Impact of FATCA for Lao People's Democratic Republic

Chapter 59 Exchange of Tax Information and the Impact of FATCA for Philippines

Chapter 60 Exchange of Tax Information and the Impact of FATCA for the Socialist Republic of Vietnam

Chapter 61 Exchange of Tax Information and the Impact of FATCA for the Cayman Islands

Chapter 62 Norway-U.S. Intergovernmental Agreement And Its Implementation

Chapter 63 The Impact Of FATCA On Exchange Of Information For Greece

Chapter 64 Exchange Of Tax Information And The Impact Of FATCA For Malaysia

Chapter 65 The Impact Of FATCA On Exchange Of Information For Monaco

Chapter 66 Exchange Of Tax Information And The Impact Of FATCA For The Kingdom Of Thailand

Index