Claire Mulhern, who coordinated the drafting and publication of the Crown Dependency Guidance Notes on FATCA, has joined the SMP Partners Group.
She will primarily manage the Group’s FATCA implementation project and work closely with colleagues to ensure compliance with international information exchange agreements, whilst also providing ad hoc external consultancy and advice services.
From its Group Headquarters in the Isle of Man, SMP Partners provides a wide range of wealth structuring solutions to a global client base across more than 50 jurisdictions through a network of international offices. It places paramount importance on client reputation and confidentiality, designing and delivering services based on the highest quality compliance procedures and internationally-recognised jurisdictional regulation.
FATCA (The Foreign Account Tax Compliance Act) and the UK equivalent Intergovernmental Agreement (IGA) came into operation in July 2014. The purpose of the agreements is to strengthen cross-border information reporting and compliance with the aim of detecting and deterring the evasion of tax.
The Common Reporting Standard (CRS) which closely follows FATCA, is due to take effect from 1 January 2016 for at least 48 countries with over 20 other countries already committed to follow in due course.
The legislation, regulation and guidance for the IGAs can be complex, especially as understanding of practical implementation develops, making access to expertise in this field vital.
Claire returned to the Isle of Man in 2005 to join the Income Tax Division of Treasury as a Central Services Manager. She subsequently moved into a Technical Manager role in the Division before more recently working as an International Co-operation Officer with particular responsibility for the automatic exchange of information (AEOI) and FATCA.
She was involved in the later stages of the negotiations with both the UK and US in concluding the Intergovernmental Agreements (IGAs) signed in 2013, and also coordinated the drafting and publication of the Crown Dependency Guidance Notes on FATCA, issued jointly by the Isle of Man, Jersey and Guernsey.
Claire has also taken part in numerous presentations and seminars regarding FATCA during the last year and is well regarded within the financial services industry on and off the Island for her knowledge in this area.
She said: ‘I am very pleased and excited to join SMP Partners and take responsibility for managing its FATCA and CRS implementation project and providing ad hoc advice and consultancy services.
‘It is an opportunityto put into practice all of the knowledge that I gained through my work in the Income Tax Division regarding FATCA and I am looking forward to the challenge.’
Managing Director Mark Denton added: ‘FATCA is a priority and focus in the financial services industry across the world at present, although many TCSPs and financial institutions still fear the work that it entails. It is vitally important that firms in the Crown Dependencies and Overseas Territories understand IGAs with the UK, US and other jurisdictions and the implications for their clients and consider engaging specialist FATCA advisory services.
‘Claire brings to SMP Partners an in-depth knowledge of FATCA and AEOI having worked so closely on the detailed negotiations which led to last year’s IGAs with the UK and US. She is acknowledged as an expert in this important field and brings her wealth of experience to our business and clients, ensuring we offer an unrivalled understanding of the work involved and best-in-class service delivery.’
