Chinese banks will avoid Fatca, observers warn

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Speculation is growing that banks in China will be either unready or unwilling to comply with the US Foreign Account Tax Compliance Act (Fatca), due to come into force in January 2013. "Companies in Asia are now beginning to wake up to [Fatca]. They have been slower on the uptake," says Graham Thomson, UK Fatca lead at BDO Financial Services in London. "In terms of China, I think they're looking to have some government talks in the run-up to the year-end position, when the regulations are due