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FATCA accession draft deal on table by January 20

December 13, 2013, 17:04 UTC+3 MOSCOW
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MOSCOW, December 13. /ITAR-TASS/. Russian Finance Ministry and the Bank of Russia (CBR) will draw up a draft agreement about bilateral cooperation in implementing the U.S. Foreign account tax compliance act (FATCA) to present it to the government by January 20. The decision emerged from a meeting on banking system issues that Prime Minister Dmitry Medvedev held on November 28, the Cabinet of Ministers’ web site says.

Late November Russian Finance Minister Anton Siluanov announced the ministry would continue FATCA talks early 2014, “as finalization of the deal has been delayed till the middle of next year”.

For regular international banking and non-trade payments in dollars after July 1, 2014, Russian banks need to obtain the status of foreign financial institutions (FFI) — banks participating in FATCA.

The FATCA is toughening requirements to financial statements for non-U.S. financial institutions and other financial intermediaries that gain certain earnings from the U.S. sources. Disobedient holders of accounts in non-participating foreign financial institutions and non-financial foreign institutions that would refuse consent for the FFI to reveal information about them will face a kind of sanction, a 30% withholding tax.

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