The executive group chairman of the Trust Corporation, Michael Betley, believes that Guernsey’s new FATCA agreement will bring stability for both the financial industry on the island and the clients it serves.
The Trust Corporation, a specialist trust company based in the Channel Islands, had found the FATCA initiative ‘enormously distracting and costly for industry.’ However, the signing of the agreement was a ‘relief’ and would allow the trust to ‘plan with a greater degree of certainty.’
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On the regulations now present in the international market, Betley said: "Guernsey has accepted that as an island we wish to be part of a more compliant and transparent worldwide financial system and like it or not FATCA is part of that. We will not be able to pause for breath for too long as it is likely that similar multilateral initiatives will be following shortly."
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