The U.S. Foreign Account Tax Compliance Act ("FATCA") aims to prevent the avoidance of U.S. taxes but will have a significant impact on financial institutions in Asia. FATCA imposes a series of due diligence, reporting and withholding obligations on Asian based banks, insurers, custodians, brokers, funds (including retirement funds), trusts and other financial institutions. Failure to meeti these obligations could result in a 30% withholding tax on certain types of U.S. sourced income and gross proceeds, as well as on payments from other financial institutions.

Speakers: Mr. Hyun Kim, Partner, Clifford Chance (Seoul)

                   Mr. Kyuseong Kim, Principal, Banking & Finance, KPMG Samjong Accounting Corporation

We would like to thank KPMG Samjong Accounting Corporation for providing the venue for the event.

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