The new US law aims to prevent tax evasion by US citizens and residents
MANAMA, BAHRAIN: BIBF recently held an open seminar on The Foreign Account Tax Compliance Act (FATCA) at its premises in Juffair.
BIBF's Centre for Advisory and Research highlighted the processes, timelines and implications involved in FATCA implementation, as well as illustrating BIBF's holistic training and advisory approach with concerned institutions to comply with the new law.
The event was attended by Heads of Compliance, Heads of Operations, Advisors, Compliance Officers and senior-level executives from banks (wholesale, retail, investment and Islamic), real-estate companies, audit firms, insurance companies and other financial institutions.
The Foreign Account Tax Compliance Act (FATCA) is a new US legislation aimed at preventing tax evasion by US citizens and residents by concealing assets held in overseas accounts. It requires Foreign (non-US) Financial Institutions (FFIs) to identify their US clients (both individual and entities) and report their financial activities to the Internal Revenue Service (IRS).
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About BIBF
BIBF plays a vital role in the training and development of human capital in the Kingdom of Bahrain. Our commitment to excellence has strengthened our position as the top provider of quality education across all major business disciplines. We serve as a partner to numerous world-class institutions; delivering thought leadership, research and advisory, assessment and training solutions in the areas of Accounting and Finance, Academic and Executive development, Banking, Leadership and Management, Insurance, Islamic Finance and Information Technology; resulting in a complete business solution.
BIBF covers a wide spectrum of subject matter, with over 300 different courses offered to the financial and corporate market; tailor-made training solutions based on organisational requirements; specialised programmes taught by leading market specialists; and professional qualifications and degree programmes in partnership with major international organisations.
BIBF continues to exceed global benchmarks for many of the qualifications it offers with its affiliates.
Since its inception in 1981, BIBF has grown from training 450 applicants a year primarily within the banking industry, to 20,000 drawing participants from all sectors of the economy, and are proud to have qualified over 200,000 learners in the last 3 decades.
Our faculty comprise of market practitioners, academics and qualified senior industry professionals. Their diverse backgrounds ensure an enriched participant experience, striking the perfect balance between theory and practice.
BIBF has made its mark internationally with clients in Asia, Africa, Europe, USA and the Middle East, well on its way to becoming the global institute of choice.
For further information please contact:
Hisham Abu Alfateh
Head of Marketing & Communications
Tel: +973 1781 6331
Email: hisham@bibf.com
© Press Release 2014
