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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

JPM Partners at a Glance

We are a full service commercial law firm in Serbia, with over 30 years of successful practice in SEE region and true and lasting partnerships with our clients.

Our diverse teams of lawyers are focused on practice in specific legal areas, handling some of the most high-profile multijurisdictional matters in energy, project development, mining, foreign investments, corporate and commercial. We are highly sought-after for legal advice in creative industries, environmental law and white-collar crime, as well as intellectual property, international arbitration, labor and data protection

As an exclusive member of Lex Mundi – the world’s premiere network of leading independent law firms, we interconnect and reach globally. Regionally, we advise clients in Montenegro directly, through well established partnership with ‘JPM Montenegro Partner Vukmirovic Misic law firm’ and close working relationships with selected first-rate firms in the region. Working together with our domestic and international clients on their most significant transactions and around entry to Serbian market, allows us to operate as the perfect hub for SEE and other cross-border transactions.

Our clients operate in increasingly competitive landscape and we are identifying new methods of using legal technology, to help them increase efficiency, save time and streamline work processes - document management, billing and accounting. By adopting LUMINANCE AI platform for legal professionals, we use machine-learning for contract analyses across our practice groups, as well as eDiscovery revolutionary software to simplify operations in all forms of litigation.

With exclusive access to EQUISPHERE – Lex Mundi Innovative service model, our clients can design their own legal team by choosing the best lawyers in the relevant jurisdictions, sharing documentation and communicating with all teams at any time, from a single point of contact.

Consistently recognized as a top-tier law firm, both by clients and leading independent legal directories Chambers & Partners, Legal 500 and IFLR1000, we remain committed to delivering highest quality service to our clients and help them succeed in overcoming cross-border challenges. We remain committed to continuously share our knowledge by regularly publishing articles, giving lectures and organizing international conferences.

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