New financial regulations from the US government have been criticised by the chairman of the Association of the Luxembourg Fund Industry.
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 future.
But not all regulation is adequate or in the interest of investors. I am thinking in particular of FATCA. While...