US should get its own house in order.

(From Fundweb)

Byline: Rob Langston

The Foreign Account Tax Compliance Act (Fatca) will have big implications for firms outside the US, and will add to the compliance work of an already heavily regulated sector.The act will require foreign financial institutions - of every type and description - to identify US account holders and report annually to the US Internal Revenue Service (IRS), or face a 30% witholding tax on payments of US source income or capital, whether it is made to the institution or for clients.Although it is unlikely to affect many advisers, asset managers, banks and other institutions will face a huge challenge to comply.By its own admission, the …