New rules governing the Island’s financial institutions come into force today, in an attempt to combat tax evasion in the UK and America.
The Foreign Account Tax Compliance Acts means banks and other businesses now have to tell the two governments about money held in the Island by their citizens.
Known as FATCA, the agreements signed last October had sparked fears people would simply take their money elsewhere.
But Anthony Markham, a partner with financial services firm Maitland, says that’s unlikely to happen as the rules spread to other jurisdictions:Clip 1
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