Managers Behind The Curve On FATCA-Related Preparations: SEI, DMS

Many managers are still in the process of dealing with FATCA’s requirements and implications, despite the implementation timeline is looming large. According to an online survey conducted in December 2013 by SEI in partnership with DMS Offshore Investment Services Ltd, awareness of FATCA’s imminent deadline is surprisingly low. FATCA compliance – behind the curve Foreign Account Tax Compliance Act (FATCA) is designed to prevent tax evasion by U.S. taxpayers utilizing unreported foreign financial accounts. The act stipulates U.S. persons to report the financial accounts they hold outside the U.S. and foreign financial institutions (FFIs) to report U.S. account holders, with…