FATCA: Regulation and its Implementation

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YEREVAN, ArmeniaOn February 20, the LL.M. program of the American University of Armenia (AUA) organized a public lecture with Mr. Paul Harb. Throughout the lecture, the speaker introduced the Foreign Account Tax Compliance Act (FATCA) along with FATCA’s regulation history, its policy in the context of US Tax laws, and requirements including withholding obligations. The lecture also covered other topics such as Foreign Financial Institution (FFI) investigation requirements: pre-existing accounts, discussion of boarding clients, as well as forms W8 and W9. Mr. Harb addressed the non-financial foreign entity (NFFE) categorization, substantial ownership, and FATCA-related party/attribution rule as well.

Mr. Paul Harb is a partner in Abirached Harb Moussa Law Firm, located in Beirut and specializes in banking, arbitration, corporate finance, taxation, and business law. He holds a BA and Master’s degree in Private Law from St. Joseph Law University. As the Head of the Legal Department at CreditBank, Mr. Harb has been dealing with legal matters and supervising matters related to anti-money laundering and legal compliance for many years. Furthermore, Mr. Harb has been appointed as project manager to implement the FATCA compliance program in Creditbank and its subsidiaries in Armenia and Russia.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia and affiliated with the University of California. AUA provides a global education in Armenia and the region, offering high-quality, graduate and undergraduate studies, encouraging civic engagement, and promoting public service and democratic values.