In Africa, the greedy US compliance industry is seeking to suck up big money from the impoverished continent.
According to Salau, financial institutions around the globe now face a complex and onerous compliance burden in order to meet FATCA requirements.
“Full implementation of FATCA is fast approaching, and many financial institutions in Nigeria have either not started or just heard of FATCA, but are not aware enough of what to do next. In South Africa, the big banks are ahead of the game in completing an impact assessment and optimising solutions while in the rest of Africa, FATCA is mainly unheard of.”
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