Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

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.”

 

One Response to “The Isaac Brock Society | IRS releases updated FFI list — poor countries falling behind”

  1. Those countries are falling behind. They need to step up the pace and get in line with the rest of the world’s economy.

    Like

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