Combatting Offshore Tax Evasion from the Financial Institution’s Perspective

How Aspects of FATCA Compliance Programs Can Be Leveraged to Meet the Requirements of the Common Reporting Standards

Over the past few years, financial institutions (FIs) around the globe have continued their efforts to become fully compliant with the Foreign Account Tax Compliance Act (FATCA). These institutions are striving to achieve compliance by building an internal FATCA compliance framework, conducting necessary due diligence on their account holders, and updating their internal monitoring programs to comply with FATCA. In short order, FIs will need to expand their FATCA compliance programs even further to meet the additional anti-tax evasion requirements being adopted by the international community, most notably, the Common Reporting Standards (CRS) and due diligence standards developed by the Organization for Economic Cooperation and Development (OECD).

In Navigant’s recent white paper Combatting Offshore Tax Evasion from the Financial Institution’s Perspective, our experts discuss key considerations for financial institutions as they expand their FATCA compliance programs even further to meet the additional anti-tax evasion requirements and due diligence standards.

 

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