This will require the US entities to maintain documentation on those non- US persons
and also track how those persons are classified under FATCA.
This legislation is meant to identify and report accounts and investments outside the US which are held by any US person
. A US person
would mean a person who is a citizen of the US or is resident in that country.
Firms that engage in swap-trading with US persons
should prepare themselves to comply with the DFA requirements for trade execution, clearing and real-time reporting.
"We have no further information regarding the precise purpose of this surveillance activity, nor any information as to whether it may be used in any future threat to US persons
or interests, and if so, what the timing, target, location, or method of such a threat would entail," it said.
According to the Internal Revenue Service (IRS), Fatca is 'an important development in US efforts to combat tax evasion by US persons
holding investments in offshore accounts.' Specifically, it requires US citizens to report their offshore financial accounts and to require foreign financial institutions (FFIs) and nonfinancial foreign entities (NFFEs), in this instance, banks and insurance companies in the Philippines, to report to the IRS accounts of their American clients.
Shirdon is a "prominent" IS fighter and recruiter "and has also been involved in fundraising." The Department of State stressed that today's action "notifies the US public and the international community that Sakr and Shirdon are actively engaged in terrorism." "As a consequence of these designations, US persons
are generally prohibited from engaging in transactions or dealings with Sakr and Shirdon, and all of their property and interests in property subject to United States jurisdiction is frozen," it noted.
According to global experts, the lifting of sanctions is very case- specific and a large number of the long-term sanctions on US persons
and companies still remain.
Their questions focused mainly on the NSA's telephone metadata programme that gives it access to call data records of US persons
. There was far less discussion of the NSA programme that has caused tensions in transatlantic relations, the one that lets the NSA monitor phone calls and e-mails - including content - of non-US persons outside the US.
FATCA was framed to address instances of tax evasion by US persons
who invest money aboard through offshore accounts maintained outside the territory of the US.
In a letter sent to US customers who have accounts with HSBC India, the bank said it is terminating 'private banking services to US persons
, and certain trusts and non-operating companies connected to US persons
The company stated that the debt securities may not be offered or sold within the US or to US persons
, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to non-US persons in offshore transactions in reliance on Reg S under the Securities Act.
As a result of this action, "all assets of those designated today that are based in the United States or in the possession or control of US persons
are frozen, and US persons
are generally prohibited from engaging in transactions with them," the statement added.