Financial institutions in the Cayman Islands are busy at work preparing for the quickly approaching FATCA, April 30th and May 31st reporting deadlines. This acts as a reminder, not only to Cayman Island banks, but all international institutions to keep up to date with FATCA standards.
“Many foreign banks are having a tough time dealing with all of the complex FATCA requirements.” (Michael Cohn, AccountingToday)
Michael Cohn reminds us of the complexities of reporting under FATCA, the UK CDOT rules as well as the ‘global FATCA’, Common Reporting Standard. An interesting read; check out the full article: http://www.accountingtoday.com/blogs/debits-credits/news/fatca-deadlines-coming-up-77697-1.html