New financial regulations from the US government have been
criticised by the chairman of the Association of the Luxembourg
Claude Kremer, chairman of ALFI, said that the Foreign Account
Tax Compliance Act or FATCA did not provide any benefits to
investors. FATCA aims to identify US citizens that are not
paying their taxes.
Speaking at the ALFI spring conference last week, Kremer said:
Better regulation, clearer information and more
protection are the themes of the conference. The key investor
information document for our funds will become the benchmark
for all banking, insurance and asset management products in the
But not all regulation is adequate or in the interest of
investors. I am thinking in particular of FATCA. While...