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Expert Analysis

FATCA Law Tightens Net On Undisclosed Foreign Assets

Law360, New York (December 19, 2012, 1:16 PM EST) -- Benjamin Franklin quipped that "in this world nothing can be said to be certain, except death and taxes." While taxes are not overtaking death in certainty, with the 2013 implementation of the Foreign Account Tax Compliance Act just around the corner, taxes are holding their own. In a nutshell, FATCA will mean that any financial institution that wants to do business with the U.S. must either (1) assist the IRS in identifying U.S. tax evaders with overseas assets, (2) pay a modest — ahem — 30-percent fee on all U.S. transactions, or (3) lie and risk being criminally prosecuted. Nothing like stark choices to focus the mind....

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