Complying With U.S. Tax Evasion Law Is Vexing Foreign Banks
Sept 16, 2013
by: BY LYNNLEY BROWNING
A sweeping new federal law has a seemingly simple goal — curbing offshore tax evasion by Americans through foreign banks, trusts and shell companies. But behind the scenes, foreign banks and financial firms are increasingly finding that complying with the law is a major headache.
Treasury Department officials say they are moving apace in getting the world’s banks on board with the law, the Foreign Account Tax Compliance Act. They say they have reached agreements with some large countries, are working on deals with others and are refining parts of the law, which is set to take effect on June 30, 2014.