The Eastern Caribbean Central Bank (ECCB) has established a Working Group to ensure that financial institutions which operate within the Eastern Caribbean Currency Union are prepared to comply with the requirements of the United States Foreign Account Tax Compliance Act (FATCA).
FATCA, which the US Government enacted in March 2010, seeks to combat tax evasion by US citizens and resident non-citizens with US-sourced income in Foreign Financial Institutions (FFIs) outside of the US. FATCA requires the FFIs to report information to the US Internal Revenue Service (IRS) on assets held by US taxpayers, or by foreign entities in which US taxpayers hold substantial ownership interest.