Banks prepare to handle challenges of Fatca and its offspring

Wave of tax-enforcement laws bringing new compliance demands

Fatca's children: banks are dealing with a slew of anti-tax evasion rules

Times are getting tough for tax evaders. Tax enforcement has risen steadily higher up the list of priorities for financial regulators, governments and international bodies, ever since the 2010 passage of the US Foreign Account Tax Compliance Act (Fatca) and the 2012 decision by the international Financial Action Task Force to make tax evasion one of the "predicate offences" for money laundering.

The result has been a dramatic increase in know-your-customer (KYC) requirements at banks around the

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