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Dreaded FATCA May Be a Template for European Tax Crime Rules
By Kieran Beer
printA U.S. anti-tax haven law that goes into effect in 2013 may serve as a model for European legislators seeking to recoup lost tax revenue, said speakers at an anti-money laundering conference on Monday and Tuesday. The law-commonly known as FATCA, after the original congressional bill its rules were proposed under-will require foreign financial institutions to report to the U.S. Internal Revenue Service on the offshore accounts they maintain for Americans or pay a 30 percent withholding tax on payments destined for the banks. "The purpose of the act is to get the information, not to impose the withholding," said...
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