Nations Working Toward FATCA Implementation
FINANCIAL PRIVACYJune 22, 2012
The U.S. has offered up a new model to Switzerland and Japan for implementing the Foreign Account Tax Compliance Act (FATCA)--a law that requires foreign financial institutions to disclose accounts to the U.S. Internal Revenue Service (IRS) or face fines, reports Bloomberg. In a joint statement, Switzerland and the U.S. have said they will work "to ensure the effective, efficient and proper implementation" of FATCA, reports The New York Times. The new model is in response to complaints from both the financial industry and privacy regulators who have said privacy laws may make implementing FATCA illegal. In February, France, Germany, Italy, Spain and the UK signed similar agreements.