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The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires US persons, including individuals who live outside the US, to report their financial accounts held outside of the US, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their US clients.
Norway entered into an Intergovernmental Agreement (IGA) with the US tax authorities (IRS) in 2013. The agreement entails that financial accounts belonging "US persons" shall be reported to the US tax authorities (IRS) through Norwegian tax authorities.
Clarksons Platou Project Sales AS has registered with the IRS whereby Clarksons Platou Project Sales AS has agreed to certain administrative, documentation, withholding, and reporting requirements. By registering, Clarksons Platou Project Sales AS demonstrates FATCA compliance.
Clarksons Platou Project Sales AS' Global Intermediary Identification Number (GIIN) is EMB4H4.99999.SL.578.
US Persons include United States citizens and persons that are considered tax resident in the United States in accordance with US tax laws. Banks, insurance companies, investment firms and fund management companies are all covered by the regulations.
On 2 May 2014, US tax authorities resolved that the years 2014 and 2015 will be regarded as an introductory period to enforce and monitor FATCA. This entails that financial institutions may postpone identifying and reviewing financial accounts covered by the FATCA rules until the new deadline set to 30 June 2016.
Clarksons Platou Project Sales AS is already in the process of identifying all existing FATCA clients, and has also changed the client registration process as required under FATCA to help identifying US persons. When FATCA is in full effect, Clarksons Platou Project Sales AS will be fully compliant with the FATCA rules.
More information on FATCA can be found here: