Foreign Account Tax Compliance Act (FATCA)
The Foreign Account Tax Compliance Act (FATCA) is a US federal law with global reach aimed at curbing offshore tax evasion by US persons. CMME Broker Members will need to make the necessary disclosure to SCA to enable the transfer of such information to the Internal Revenue Service, IRS of the US.
Entities which do not hold reportable accounts are required to do Nil reporting. The process is completed by logging in to the SCA FATCA reporting portal and completing the reports/or doing nil reporting. Such disclosures are made on an annual basis, once advised by SCA that the reporting system is open for completion of the same.
Guidance Note: CMME Compliance will guide Broker Members through the FATCA reporting process.
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