Haydon Perryman, CGMA
FATCA Programme Manager
Special Guest: Haydon Perryman CGMA is an experienced FATCA Programme
Manager, has mobilized three FATCA Programmes from scratch, including those
of Lloyds Banking Group and the Investment Banking Arm of RBS. Haydon has
been working on FATCA for four years. Haydon has a detailed understanding
of the FATCA regulations and the practical strategies involved in ensuring
an FFI meets the requirements of FATCA at an agreed level. Haydon has a wealth
of industry contacts on FATCA in Banking, the Big Four and amongst Tax and
Legal Advisors. Haydon's FATCA experience spans Investment Banking, Corporate
Banking and Retail Banking.
"This a modern day "Doomsday" Book, the same as William the Conqueror Implemented
in 1066 after conquering England. He needed to know where the wealth
was so he could tax it"
"This is Not Really About Tax There are Easier Ways to Solve Tax Tracking
- Its about a Common Reporting Standard. Its about the ability to track
Capital"
"FATCA is a decoy for the Common Reporting Standard"
"There is an incredibly aggressive urgency of implementation - an unprecedentedly
quick agreement between 57 governments"
Why?
Either to Tax it, Expropriation it or Control Its Free Movement
"Era of Banking Secrecy is Over!"
"A Complete Misunderstanding by Banks"
New Acronyms in The Era of Financial Repression
- FATCA - Foreign Accounts Tax Compliance Act
- GATCA - Global Account Tax Compliance "Acts"
- CRS - Common Reporting Standard
- IGAs - Inter Governmental Agreements on FATCA
- AEOI - OECD's Automatic Exchange of Information
- AML/KYC Procedures - The term "AML/KYC Procedures" means the customer
due diligence procedures of a Reporting Financial Institution pursuant
to the anti-money laundering or similar requirements to which such Reporting
Financial Institution is subject.
The Road Ahead: FATCA, IGAS and The CRS
The costs of FATCA Compliance will be USD
1 to 2 trillion worldwide. The
bulk of these costs will be incurred in the customer outreach required
to obtain the required documentation.
There will also be considerable customer
backlash to FATCA and the documentation it requires. In the age of
social media this matters, if this sounds like hyperbole please have
a look at this
URL
At a most basic level FATCA,
the IGAs
and the CRS are
about making tax part of standard KYC/AML
procedures and then reporting, for tax purposes, to those jurisdictions,
in which the account holder has tax residence or citizenship.
Everything you need to know about GATCA / FATCA: Download
the 525 page report
