REGULATORY COMPLIANCE: HONG KONG – REPORTING OF RECALICTRANT ACCOUNTS UNDER FATCA
In applying the request for exchange of financial information under the Tax Information Exchange Agreement, recent requests have been received from the Hong Kong Inland Revenue Department (IRD) from the US government to mandate that Hong Kong Financial Institutions to submit details of the pool reports of non-Consenting US Accounts (i.e. recalcitrant accounts) that were submitted to the US Internal Revenue Service (IRS) under FATCA regulations.