A SENIOR manager at KPMG has achieved an accreditation in the US Foreign Account Tax Compliance Act (FATCA).

 
Sinead O'Connor, a senior manager in advisory practice, has successfully completed KMPG's FATCA Academy.

 
FATCA is one of the most significant pieces of extra-territorial legislation to impact Isle of Man financial services businesses in recent years.

It was implemented in March 2010 and the primary objective of it is to prevent tax evasion by people from the United States of America. 

To prepare for the impact of the legislation on its clients KPMG has invested in specialist training for its staff.

David McGarry, managing director of KPMG, said: "The FATCA Academy has been established to ensure that our advisory professionals around the world have detailed knowledge of FATCA and its implications in order to assist our clients with the operational impact of this complex and far reaching legislation.

"I am delighted that Sinead has achieved accreditation in this important area of our work and that she is now an accredited member of KPMG's global FATCA advisory team. I am sure that this accreditation, along with the expertise of our tax team, will be of significant benefit to our clients."

Sinead said: "FATCA has significant ramifications for financial service businesses with US investments or US clients.  The regulations to underpin it are due out imminently and I will be working closely with our global FATCA team to interpret the implications of them for our clients."