‘Son of FATCA’ to be discussed in London

(CNS Business): Although it was only revealed to the public last week, discussions between the Cayman Islands and the UK government on Britain’s plans to impose its own version of the US Foreign Account Tax Compliance Act (FATCA) on its Crown Dependencies and Overseas Territories began in July this year, Cayman’s finance ministry said. The leaking of the draft document on the enforced open exchange agreement last week came ahead the annual meeting in London of the leaders of the British Overseas Territories with the UK, which begins Monday, and a ministry spokesperson said it was “highly likely that it will be discussed in London sometime next week”. Read more on CNS Business