FATCA Update for Latest Government Guidance

February 09, 2012
The U.S. Treasury Department (the Treasury) on February 8 released proposed regulations and a related groundbreaking announcement regarding the recently enacted tax legislation called the Foreign Account Tax Compliance Act or FATCA. FATCA’s purpose is to flush out the identity of U.S. investors who may be trying to avoid payment of U.S. taxes by investments channeled through offshore accounts with non-U.S. banks or financial institutions. FATCA has caused a great deal of controversy and concern in the financial sector due to the potentially burdensome requirements it may place on non-U.S. banks and financial institutions.

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