THE ambit of FATCA appears to be growing rapidly. The British Crown Dependencies of Guernsey, The Isle of Man and Jersey have made up their mind to join hands with the USA to implement FATCA.

The three governments have reportedly said that they have taken this decision after consulting with their own financial services industry. The three have already held joint talks with the US.

Executing FATCA is necessary for finance industry to stay competitive and doing so through an intergovernmental agreement is considered to be the paramount course to adopt.

The agreement each jurisdiction will sign will follow the model intergovernmental agreement published by the US government in July and will be similar to the agreement the UK signed with the US in September.