FATCA – Where are we on enforcement of compliance breaches? - Zac Lucas

Zac Lucas of Centenal

Feb 7, 2019

Zac Lucas, Founder, Head of Legal at Centenal discusses FATCA.

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1. FATCA – Where are we on enforcement of compliance breaches?

Video transcript

1. FATCA – Where are we on enforcement of compliance breaches?

Well last year, in July 2018 we had the first prosecution under the FATCA legislation so this was an executive, I think the CEO of Loyal Bank in Saint Vincent and the Grenadines, and he was prosecuted successfully in the US courts for effectively entering into an arrangement with a client where he promised that the FATCA information would not be exchanged and the client could open accounts without having that risk of a FATCA disclosure. I think that was what he plead guilty to and that was what he was prosecuted for, so that’s the first case of any on FATCA enforcement.

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