What is FATCA for Ukraine and what should a compliance officer know?
What is FATCA for Ukraine and what should a compliance officer know?
The use of foreign financial systems to launder money obtained through criminal activities and evade taxes is a widespread problem around the world. One way to combat this problem is to introduce effective legislation that establishes a mechanism for financial institutions to verify account holders and the funds in those accounts. In this article, we will look at one such piece of legislation, namely the United States Foreign Account Tax Compliance Act (hereinafter ‘FATCA’), its role and application in Ukraine, and what compliance officers need to understand in order to comply with FATCA requirements in Ukraine.
More in the article by EVERLEGAL lawyers for the LIGA ZAKON at the following link.
In focus:
- What is FATCA and what is the legal framework for FATCA in Ukraine?
- Who is required to report under FATCA?
- What is the role of the compliance officer in ensuring FATCA compliance?
- Which accounts are reportable?
- Who are specified US persons?
- How to determine a reportable account under FATCA criteria?
- What to do if a client refuses to provide information to a financial institution under the Agreement?
- What to do if a client has provided incomplete or inaccurate information under the Agreement?
- How do financial agents submit reports?
- What additional measures can a compliance officer take to ensure FATCA compliance?
- What risks do financial agents face for violating FATCA compliance?
Our experts:
- Yevheniy Deyneko, Managing Partner at EVERLEGAL
- Sofiia Papura, Associate at EVERLEGAL
- Sofiia Aronovych, Junior Associate at EVERLEGAL
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