In addition, the trust said that the entire distribution will consist of its income and which it believes is subject to US federal withholding tax for unit holders that are not US persons
(or in certain circumstances do not otherwise establish their status as US persons
under applicable rules).
It is a 2010 US legislation requiring FFIs to report to the Internal Revenue Service or IRS (the tax authority in the US) information about financial accounts held by US persons
, or by foreign entities in which US persons
hold substantial ownership interest.
As a result of today's action, "any property or interests in property of the designated persons in the possession or control of US persons
or within (or transiting) the United States is blocked, and US persons
generally are prohibited from dealing with any of the designated persons," the Treasury noted.
are prohibited from doing business with the designated companies, and non-US persons may become subject to sanctions themselves, if they facilitate any significant transaction with a designated company.
This means US persons
(including US citizens, green card holders, legal entities organised in the US and their overseas branches) may not deal with Iran except pursuant to an OFAC licence, and entities owned or controlled by US persons
must comply with a complex licencing regime.
Pampa Energia SA has commenced its concurrent offers to exchange outstanding American Depositary Shares representing Class B shares of Petrobras Argentina SA into American Depositary Shares representing common shares of Pampa Energia, and to exchange outstanding PESA Shares held by US persons
into Pampa Shares, and to purchase outstanding PESA Shares held by US persons
for Argentine pesos; and
It is a US tax legislation aimed at increasing transparency for the Internal Revenue Service (IRS) with respect to US persons
who may be investing and earning income through non-US institutions.
I have been told that there is a law in the United States, which will require financial institutions to disclose foreign assets held by US persons
. I want to know the criteria for being treated as a US person
and what would be the implications under the American law.
According to US the Department of State, the consequences of these designations include a prohibition against US persons
engaging in transactions with Fazlullah, and the freezing of all property and interests of Fazlullah that are in the United States, or come within the United States or the possession or control of US persons
"As a result of today's action, all property and interests in the United States or in the possession or control of US persons
in which Iqbal and Asma Money Exchangers have an interest are blocked, and US persons
are prohibited from engaging in transactions with them," the it said.
The designation includes a prohibition against US persons
engaging in transactions with Saifullah, and the freezing of all his property and interests in the US, or in the possession of US persons
Most interestingly from an EU viewpoint, the panel's report(1), released on 18 December, calls on the US government to "apply the Privacy Act of 1974 in the same way to both US persons
and non-US persons".