CIG opts for model 1 agreement to deal with FATCA

(CNS Business): The Cayman government has announced how it plans to handle the US Foreign Account Tax Compliance Act (FATCA), set to be implemented at the beginning of 2014, which targets non-compliance by US taxpayers using foreign accounts. The Cayman Islands will be adopting a Model 1 intergovernmental agreement (IGA), which was signed by the UK in September 2012. The minster responsible for financial services, Roslton Anglin, said that after “considerable consultation” with the industry and discussions with US officials, this agreement between governments for the exchange of information would ensure that Cayman businesses would continue to operate and compete effectively with its global counterparts. Read more on CNS Business