Russell Bedford member SMP Partners appoints FATCA expert

Claire Mulhern will manage SMP Group’s Foreign Account Tax Compliance Act implementation project
 
LONDON - Oct. 23, 2014 - PRLog -- Claire Mulhern, who coordinated the drafting and publication of the Crown Dependency Guidance Notes on FATCA (Foreign Account Tax Compliance Act), has joined the SMP Partners Group, the Russell Bedford member firm on the Isle of Man.

Claire will manage the SMP Group’s FATCA implementation project and work closely with colleagues to ensure compliance with international information exchange agreements.

FATCA, which came into operation in July, is the United States’ legislation intended to strengthen cross-border information reporting and compliance with the aim of detecting and deterring the evasion of US tax.  It impacts on the financial services sector and other entities inside as well as outside the US.

The UK equivalent, Automatic Exchange of Information (AEOI), also came into force in July and is applicable to UK territories including the British Virgin Islands, BVI, Cayman, Jersey, Guernsey and the Isle of Man. The introduction of the Common Reporting Standard regime, which closely follows FATCA, is also on the horizon.

The legislation, regulation and guidance for US and UK information exchange regimes 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 moved into a Technical Manager role in both the Policy area and in the Core area of the Division before being promoted to International Co-operation Officer with particular responsibility for the automatic exchange of information 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 implementation project.  It is an opportunity to 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."

ENDS

Notes to Editors

About Russell Bedford International

Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants.  Ranked amongst the world’s leading accounting and audit networks, Russell Bedford is represented by some 600 partners, 5000 staff and 290 offices in more than 100 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific.  Russell Bedford International is a member of the IFAC Forum of Firms - an association of international audit networks, whose goal is to promote consistent and high quality standards of financial reporting and auditing practices worldwide.

Contacts:

Mark Denton, Managing Director

SMP Partners

T: +44 1624 683227

E: mark.denton@smppartners.com

W: www.smppartners.com

Kempton Bedell-Harper

Russell Bedford International

T: +44 20 7410 0339

E: info@russellbedford.com

W: www.russellbedford.com

Contact
Russell Bedford International
info@russellbedford.com
+442074100339
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