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HKMA warns firms to adhere to overseas tax requirements

The Hong Kong Monetary Authority (HKMA) has issued a circular titled
“Foreign Account Tax Compliance Act in the US” to authorised institutions
reminding them of their obligation to ensure compliance with local regulations
and also all applicable overseas regulatory requirements in relation to tax.

Where authorised institutions conclude that any overseas tax regime changes may have implications for their customers and operations, the HKMA advises them to put
in place processes and controls to ensure compliance and to develop good
practices through industry collaboration if appropriate. To support adherence the HKMA has suggested that local industry authorities develop good practices for compliance with overseas requirements including FATCA.

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