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U.S. Harmonizes FATCA Terminology to Ease Compliance for Some Banks
By Brian Monroe
printThe 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 regulations mark the "last substantial package of rules" for the U.S. Foreign Account Tax Compliance Act (FATCA), which has already resulted in intergovernmental agreements between the United States and 22 nations seeking to avoid financial withholding penalties under the law, a senior Treasury Department official told reporters. The rules detail "a lot of the coordinating mechanisms needed to ensure that the reporting, withholding and due diligence rules throughout...
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