Cloak Of Invisibility For Foreign Accounts Is Unraveling
February 20, 2014, 1:35 PM EST
Law360, New York (February 20, 2014, 1:35 PM EST) -- A global push for enhanced financial transparency means that United States owners of foreign accounts and assets will not be able to remain invisible forever. New rules and enhanced enforcement of existing rules will soon force account holders to comply with U.S. disclosure requirements or face significant consequences from both the Internal Revenue Service and foreign banks.
Foreign Bank and Financial Accounts Reports, information reporting and withholding rules under the Foreign Account Tax Compliance Act, and conditions of a U.S.-Switzerland program focused on tax evasion will...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.