Nonreporting IGA FFI. Financial Institution in a jurisdiction which has not signed a IGA with the US government. An NFFE is any non-USA entity under the US Agreement that is not treated as a Financial Institution. In practice therefore this could apply to any company, partnership, trust, foundation or any other legal entity that is not a Financial Institution. There are two categories of NFFE: • Active NFFE • Passive NFFE An NFFE, whether Passive or Active, has no registration obligations. Instead, it is the responsibility of the financial Institution with which the NFFE has a relationship to obtain self-certification from the NFFE to establish its status. Where the NFFE is Passive, the financial institution should request information in respect of Controlling Persons of that NFFE and report to the local tax authorities in respect of those Controlling Persons.
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Samples: bankone.mu, bankone.mu, bankone.mu
