Tax Compliance Statement
In an increasingly compliance oriented financial sector where tax crimes are being included among the money laundering predicate offenses, significant initiatives have been taken worldwide to increase transparency on tax information with an aim to ensure better tax compliance and combat offshore tax evasion.
FFA Private Bank is committed to comply with resulting regulations, and to increase awareness among its group, staff and clients relating to these tax information regimes.
Foreign Account Tax Compliance Act (FATCA)
FATCA is a United Sates legislation, the purpose of which is to improve compliance of U.S. taxpayers who have foreign financial assets and offshore accounts. The intent behind it is to keep US persons from hiding income and assets overseas.
Common Reporting Standards (CRS)
CRS was introduced by the Organization for Economic Co-operation and Development (OECD) in order to combat tax evasion and improve cross-border tax compliance. It is a global standard for the automatic exchange of financial account information between jurisdictions that have agreed to adopt it.