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U.S. financial institutions Tuesday began withholding up to 30 percent from payments sent to foreign banks that have not agreed to turn over information on their wealthy American accountholders.
The regulatory burden of financial institutions complying with a U.S. tax law and related intergovernmental initiatives could largely depend on seemingly small details in know-your-customer profiles, compliance specialists said Thursday.
The U.S. Treasury Department Thursday clarified and, in some cases, scaled back compliance duties under a law expected to require hundreds of foreign financial institutions to report on their American clients.
The U.S. Treasury Department published a preview of upcoming guidance Tuesday for financial institutions that have agreed to report to the Internal Revenue Service on their American clients.
Banks in Switzerland will be the first to disclose their American accountholders directly to U.S. officials rather than their government under the terms of a bilateral tax cooperation agreement.
The U.S. Treasury Department will publish final rules this week on an anti-tax evasion law intended to compel foreign banks to disclose data on their high-value American clients, say sources.
Standard Chartered Bank and HSBC Holdings Plc are expected to pay more than $2 billion to settle U.S. money laundering and sanctions violations, Switzerland and the U.S. near a deal on FATCA compliance, while Isle of Man agrees to share tax data with the U.K., and more
Jordan's ex-intelligence chief was sentenced to over 13 years for embezzling and laundering approximately $34 million in public funds, Singapore convicted 44 people of money laundering between 2010 and 2011, and more, in the midweek roundup.
Financial institutions concerned about a looming Foreign Account Tax Compliance Act implementation date can breathe easier, at least for another year, under a new U.S. Treasury Department timetable.
A plan by the United Kingdom's Parliament to make it obligatory for non-U.K. financial institutions to disclose data about their British clients is likely to face stiff resistance from the banking sector, say sources.
The U.S. Treasury Department disclosed model plans Thursday that will allow five nations to comply with American tax data-sharing requirements set to take effect early next year.
The United States disclosed a plan Thursday that would allow Switzerland and Japan to comply with a controversial U.S. anti-tax evasion law despite bank secrecy controls in the countries.
Financial industry groups from several countries called on U.S. officials to extend by one year a deadline to comply with an anti-tax evasion law that takes effect in January.
With the first deadline for an anti-tax evasion law a year away, foreign financial institutions remain unsure about their obligation to renew certain certifications and amend their recordkeeping procedures.
Rules intended to collect data on offshore American assets will be most greatly softened for financial institutions in five European nations, the U.S. Treasury Department proposed Wednesday.
The FDIC asked financial institutions to proceed with caution when dealing with third-party payment processors, the owners of a Los Angeles company that sold stuffed toys were sentenced for helping drug traffickers launder money, and more, in the midweek roundup.
The U.S. Internal Revenue Service Thursday extended deadlines and introduced a phased-approach for foreign banks to comply with a new law designed to detect and discourage tax evasion.
A 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.
Upcoming U.S. Treasury Department rules on a new law meant to curb tax evasion may mean only modest new compliance duties for American financial institutions, according to consultants.
