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US citizens in SL asked to register

25 June 2013 10:17 am - 7     - {{hitsCtrl.values.hits}}

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The Sri Lanka Banks Association (Guarantee) Limited today informed all United States citizens living in Sri Lanka to register themselves with their respective banks so as to comply with US legislation termed the Foreign Account Tax Compliance Act (FATCA).

The Association said the legislation is extra territorial in design and required citizens to report financial assets held overseas.

“It also requires Foreign Financial Institutions (FFJs) to report to the US Internal Revenue Service (IRS) about their American/US clients, The law requires financial institutions to report more extensively on business they conduct with US persons and introduce a new reporting and withholding regime for FFIs” the newspaper notice said.

It listed the respective categories which classifies those who fall within the ambit of the law.

“A US citizen (including an individual born in the US but resident in another country, who has not renounced US citizenship); A lawful resident of the US (including a US green card holder); A person residing in the US; A person who spends a certain number of days in the US each year and US corporations estates and trusts; Any entity that has a linkage or ownership to the US or to US territories;  Non-US entitles that have at least one US Person as a “substantial beneficial owner”, the notice stated.

The Sri Lanka Banks’ Association (Guarantee) Ltd. is a Company registered under the Companies Act in Sri Lanka.
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  Comments - 7

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  • jane Tuesday, 25 June 2013 01:30 PM

    Wow the ART OF WAR is at work

    curious Tuesday, 25 June 2013 01:36 PM

    USA citizens will think twice having any fund in SL and as a result the banks will lose customers and as well as funds coming into SL.

    ling Tuesday, 25 June 2013 10:30 AM

    Oops, Gota and Basil must be cracking their heads now. Good move US.

    Just Another Citizen Tuesday, 25 June 2013 10:52 AM

    Now all the hora accounts will come to light

    Ravi Tuesday, 25 June 2013 10:56 AM

    ha ha thanks it’s an good move by USA slow but steady wish all the best for Gota Basil and other gill marts.

    Calistus Jayatilleke Tuesday, 25 June 2013 12:31 PM

    Now it is time for the "imperialist, capitalist" US citizens inside the government to register themselves and declare their allegiance to their Masters in the United States. Weerawansa, where are you?

    Fair N Square Tuesday, 25 June 2013 01:08 PM

    why does ALL banks around the world have to comply with the demand of US, for ITS citizens.... They cannot order other countries to be in line for their benefit... CAN SL do the same? Bet not.. US wont do nothing IF it was to ONLY benefit SL...


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