Asia fund groups unite versus Fatca

Six Asian investment industry associations have joined forces in an unprecedented joint action to fight off overreaching tax rules emanating from the United States. Although the industry bodies do have regularly scheduled contact, this is the first time they have coordinated a mutual response to regulation, in this case the proposed Foreign Account Tax Compliance Act (Fatca), notes Sally Wong, CEO of the Hong Kong Investment Funds Association. This sets an important precedent be…