“‘If the BVI and Caymans comply with the FATCA [Foreign Account Tax Compliance Act], this speaks volumes about the importance of this legislation to the world at large, let alone China and Hong Kong,’ said Patrick Yip, deputy national mergers and acquisitions leader at Deloitte Touche Tohmatsu. ‘China and Hong Kong financial firms that think by putting assets and income into BVI and Cayman companies they can avoid the reach of FATCA, they need to think again.’  Although a US law, FATCA applies worldwide to every financial institution that receives payments from US sources.  The mainland and Hong Kong should sign the agreements with the US to soothe their worries, he urged.”

http://www.scmp.com/business/economy/article/1299071/tax-evaders-feel-heat-havens

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