You’ve just been named by your financial firm as a responsible officer under the US Foreign Account Tax Compliance Act, or FATCA for short.
Should you hand in your two-week notice, take the job in stride, or brace– and protect yourself – from hefty operational and legal liabilities?
Those are the decisions and options now faced by potential FROs, or thousands of high-ranking officials working outside the US, who have been tapped by their financial institutions to help comply with the controversial FATCA legislation.
Seems to me lots of money spent in set-up — there must be something to this implementation of FATCA IGAs in Canada and other foreign countries. Wonder how many new “Responsible Officers” job titles and opportunities have been added to the world’s foreign financial institutions, corporations and where that FRO would stand in the pecking order of Board of Directors, CEO, CFO, etc.