Kenyan financial institutions in a tight spot as US taxman seeks tax evaders

One of the most far-reaching US Tax legislation, the Foreign Account Tax Compliance Act (Fatca) which has greatly impacted global financial institutions is slowly being implemented. Financial institutions all over the world are feeling its heat.

The transition grace period of light compliance deadline expired. The affected institutions that have been adopting a wait and see stance safely imagining that “Time is on their side” may easily find themselves in very hot soup, and quite unpleasant territory.