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FATCA Agreement Ratified – Transfer of Personal Data under FATCA Agreement Still Questionable?

FATCA Agreement Ratified – Transfer of Personal Data under FATCA Agreement Still Questionable?

Serbia
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The National Assembly of the Republic of Serbia has ratified the FATCA agreement executed earlier that year between the USA and Serbia at the end of 2019.

The agreement will enter into force as soon as Serbia notifies the USA that it finalized all required procedures for entering into the force of this agreement.

The agreement will serve as a legal basis for Serbian financial institutions to collect relevant information from its Clients and exchange of such information with US authorities. Prior to execution and entry into force of this agreement, there was no legal ground for transfer of such information to the United States and even collection thereof represented breach of the Serbian data protection legislation.

On the other side, it is still questionable whether FACTA Agreement provides for adequate safeguards for the transfer of personal data to the United States and serves as a valid legal ground for transfer of personal data to the United States as required by with new Serbian Law on Protection of Personal Data.

On the other hand, the fulfilment of the obligations undertaken by Serbia pursuant to this agreement shall result in treatment of relevant Serbian financial institutions as complied and shall not be subject to the section 1471 of the Internal Revenue Code of the USA nor to apply withholding tax pursuant to sections 1471 and 1472 of the said code.

You may address to JPM for the detailed information on the rights and obligations arising from the FACTA Agreement

By JPM Jankovic Popovic Mitic

Serbia Knowledge Partner

The oldest full service commercial law firm in Serbia, founded in 1991, JPM with three decades of experience in assisting local and international businesses presence and growth not only in Serbia but throughout the SEE region.

We have accumulated a wealth of knowledge in every industrial and corporate sector, from energy to banking, transport, manufacturing and telecommunications, while remaining true to a pioneering spirit that has always drawn us to follow the latest trends and developments in providing of our services to clients. Today we use the latest legal tech available in serving our clients and are expanding our services to clients from growing industries such as renewable energy, IT and life sciences, by offering innovative solutions and a pro-active approach to broaching new grounds.

Our expertise, experience, and commitment to professional excellence mean we are routinely involved in landmark cases and transactions, while our high standing among clients and peers sees us ranked among the leading law firms by independent guides such as Chambers & Partners, Legal 500, and IFLR1000.

We are known for working closely with clients and treating their problems as our own. Our lawyers pride themselves on being team players, fast and available, specialised in terms of practice area and industry, but versatile and creative in their thinking. We believe our advice should be tailor-made and that even the thorniest issue has a legal solution.

Our membership of Lex Mundi (the world’s premiere network of independent law firms) and the TLA (a regional alliance of leading firms from Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia) means we have close working relationships with first-rate firms throughout the region and around the world, enabling us to operate as the perfect hub for SEE and other multi-jurisdictional transactions.

Firm's website: http://jpm.rs/

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