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The U.S. Government Releases the Initial FATCA Registration List; Trans-World Compliance Analyzes the FATCA Registration List

Rockville, MD, July 07, 2014 --( Trans-World Compliance, Inc. today announces the release of preliminary analysis on the US Government’s FATCA Registration list. Initially released June 2, 2014, the second release has just been published by the IRS.[1]

The Foreign Account Taxation Act (FATCA) was enacted in 2010 by the US Congress as part of the Hiring Incentives to Restore Employment (HIRE) Act. FATCA requires Foreign Financial Institutions (FFIs) to provide the IRS with information about financial accounts held by U.S taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. In order to avoid withholding under FATCA, a participating FFI will have to enter into an agreement with the US’ tax authorities, the Internal Revenue Service (IRS), to identify U.S. accounts, report certain information to the IRS regarding U.S accounts, and withhold a 30 percent tax on certain U.S. connected payments to non-participating FFIs and account holders who are unwilling to provide the required information. The IRS expects raise $7.6 billion in additional tax revenues over ten years.

As part of the FATCA process, FFIs had to register before June, 2014. It should be noted that a number of juridstictions are currently negotiating Intergovernmental Agreements (IGAs) that will implement FATCA regulations through local tax law. As part of these IGA agreements, FFIs in a number of these IGA covered juridstictions are provided additional time to register, so these numbers are incomplete.

If one were to guess which country might have the most registrations, one might initially look to the usual off-shore financial centers. However, one could also look to countries that house major financial centers such as London, Frankfurt, or Hong Kong. Or one could also look at countries whose sheer size means a lot of financial institutions such as India or China.

Based on the numbers presented, tiny Cayman Islands which is covers only 102 square miles (264 km2), has the most registrations tipping the scales with 17,207, more than the next three countries combined (United Kingdom, Switzerland and Luxembourg). A complete list is available on Trans-World Compliance, Inc. website or at

About Trans-World Compliance, Inc:
Trans-World Compliance Inc., (“TWC”) provides cloud based software solutions to simplify the compliance and regulatory requirements for US, Foreign Financial Institutions, tax regulatory bodies and governments. TWC saves time, lowers overheads and improves accuracy for compliance with international regulatory tax regulations and mandates by centralizing data, raising flags, tracking remediation, automated reporting, and providing an independent 3rd party audit of policies and procedures. TWC’s flagship product, FATCA One™ was created for the purpose of FATCA regulatory reporting, designed by international compliance and IT experts, adheres to a full range of international standards, and supports multiple rule-bases with specifics for different jurisdictions and reporting year.

David Olenzak
Trans-World Compliance, Inc.
(703) 298-8678

[1] A complete list and search tools are available at:
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David Olenzak

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