Midweek Roundup: Executive Order Targets Sanctions Violators, U.S. Expats Renounce Citizenship to Escape Tax Rules, and More

Concerns about the upcoming regulatory burden under the Foreign Account Tax Compliance Act (FATCA) are spurring a bonanza for industry consultancies, The Wall Street Journal reported Tuesday. Non-U.S. financial institutions are expected to spend $250 million to improve internal reporting procedures, among other changes. More The law, coupled with a crackdown on American tax evaders, is separately prompting some to renounce their U.S. citizenship, Bloomberg said Tuesday. Approximately 1,780 expatriates forfeited their nationalities in 2011, compared to 235 in 2008, Swiss officials said. More The Obama administration issued an executive order Tuesday targeting individuals and entities that violate Iranian and...