Assertion of Broader Jurisdiction by U.S. Authorities over Foreign Accounts, over-compliance by Financial institutions Creates Uncertainty - Caffey Norman

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    In an article published in the January 2014 issue of The Oath, DC Partner Caffey Norman offers insights on financial regulation, such as the Foreign Account Tax Compliance Act (FATCA), and compliance for international organizations doing business in the United States. “Assertion of broader jurisdiction by U.S. authorities over foreign accounts, combined with over-compliance by some financial institutions, has created uncertainty and even resulted in the loss of dollar clearing servicing for some institutions,” said Mr. Norman in the piece. “The intent of FATCA is not to result in withholding, but rather to ensure that foreign financial institutions report on accounts of US persons.”

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