##Multi-sponsored Event to Update Industry Practitioners on Provisions of FATCA##
As part of its Business Seminar Series, BFSB will host a follow-up Symposium on the Foreign Account Tax Compliance Act (FATCA) on October 29, 2012, in collaboration with the Ministry of Financial Services and the Professional Industry Associations (PIAs) that are part of its Professional Industry Association Working Group (PIAWG).
Under the sponsorship of Deloitte, KPMG, Ernst & Young, and PricewaterhouseCoopers, the event will be held in the Windsor Room of the British Colonial Hilton Hotel, in downtown Nassau. The sponsors have identified key persons on their respective FATCA teams to present during the half-day programme – facilitating a broad range of expertise on this important U.S. Tax Initiative.
BFSB CEO Aliya Allen points out that FATCA, enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act is *“an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts.”* Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
The agenda for the October 29th programme includes an introductory session that will cover cross sectoral issues such as *“How and When to Communicate with Customers About FATCA”*; “*Which Company Executives or Stakeholders Should be Involved in the FATCA Programme”*; and *“The Model Intergovernmental Agreements (IGAs)”*. This will be followed by Case Studies on practical implications, covering specific sectors, such as Wealth Management, Insurance, Funds & Securities, and Retail Banking. The event will conclude with an overview of the legal implications of the intergovernmental agreements negotiated by the US Treasury Department as a mechanism for implementing FATCA. The Treasury says the agreements aim to *“work towards common reporting and due diligence standards in support of a more global approach to effectively combatting tax evasion, while minimizing compliance burdens”.*