The Isaac Brock Society | IRS releases updated FFI list — poor countries falling behind
Posted by William Byrnes on July 9, 2014
The Isaac Brock Society | IRS releases updated FFI list — poor countries falling behind.
Quoting from a story of the above link (which is a must read analysis of the GIIN list): “…Some back-of-the-envelope calculations (jump to table) suggest that, below a certain threshold of both total bank size and per-depositor funds, some banks simply don’t have the resources to comply with FATCA — and so, unsurprisingly, only a small proportion of institutions in low-income countries have signed FFI agreements. In Malawi, for example, it looks like only a quarter of the banks with SWIFT codes are in the FFI list.”
Also, “Nevertheless, some Chinese state-owned banks — Bank of China and ICBC, specifically — made moves to register their Hong Kong and overseas entities during the past month, though China Construction Bank, Agricultural Bank, China Merchants’ Bank, and Minsheng Bank did not.”
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samuel clemmons said
Those countries are falling behind. They need to step up the pace and get in line with the rest of the world’s economy.
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