Citing Few Intergovernmental Agreements, Trade Groups Ask Treasury for FATCA Extension

By Brian Monroe

Financial trade groups are asking the U.S. Treasury Department for more time to comply with intergovernmental agreements intended to shine a light on bank accounts held by American tax dodgers. In a letter Monday, the American Bankers Association, the Clearing House Association LLC, the Institute of International Bankers and the Securities Industry and Financial Markets Association called on the IRS to extend the first deadline under the Foreign Account Tax Compliance Act, or FATCA, by six months. The groups said, in the letter, that they could not meet the deadline because American officials have yet to finalize guidance and have...