ECCB Establishes ECCU Working Group on US Foreign Account Tax Compliance Act
The Eastern Caribbean Central Bank (ECCB) has spearheaded the establishment of the Eastern Caribbean Currency Union Working Group on the United States Foreign Account Tax Compliance Act (FATCA) to ensure that financial institutions which operate within the ECCU are prepared to the comply with the requirements of FATCA. FATCA, which the US Government enacted in March 2010, seeks to combat tax evasion by US citizens and resident non-citizens with US-sourced income in Foreign Financial Institutions (FFIs) outside of the US. FATCA requires the FFIs to report information to the US Internal Revenue Service (IRS) on assets held by US taxpayers, or by foreign entities in which US taxpayers hold substantial ownership interest. The ECCU Working Group on FATCA comprises representatives from the Attorneys General Chambers, Inland Revenue Departments, Single Regulatory Units/Financial Services Authorities, and Ministries of Finance of the ECCU member countries, and representatives from the financial services industry and the ECCB. The Working Group is charged with making recommendations to the respective member governments on the appropriate approach for ECCU FATCA compliance, including the development of a harmonised legislative and regulatory compliance framework, and monitoring the compliance status of the respective territories and financial institutions. -30-
Eastern Caribbean Central Bank
P O Box 89, Basseterre, St Kitts
Contact: Ingrid O
