Dion Global Solutions, the financial technology firm, has published a white paper on the US Foreign Account Tax Compliance Act, which is designed to crack down on alleged US tax evaders outside the country but which has been criticized for imposing heavy compliance burdens on firms.

Dion’s report is Intelligent Compliance: Finding a solution to FATCA and all that follows. It can be viewed through clicking here.

The paper examines details such as the effect of recent agreements between a number of countries on how to enforce the legislation. In particular, the report explores the concept of “intelligent compliance,” or ensuring that decisions taken now support future classification requirements, and that any solution capitalizes on existing infrastructure and processes while ensuring sufficient flexibility to accommodate the broad scope of FATCA.

“Over the coming weeks and months the final FATCA regulations will be ratified and countries will sign IGAs [inter-governmental agreements] and reciprocal agreements. We all know that the timelines are extremely tight so financial services firms must work quickly to define their strategy. However, these decisions must be taken with an eye to the future. The growing global remit of national tax regimes, both within and beyond FATCA, means compliance has become a strategic concern in which breadth, flexibility and scalability are key,” said Colin Camp, managing director, products and strategy at Dion.