Banks prepare to handle challenges of Fatca and its offspring
The US Fatca tax-evasion law has triggered new tax compliance efforts around the world. Banks must now deal with new regulatory demands in almost every jurisdiction, while still keeping an eye on the uncertainties surrounding how Fatca reporting will work in practice
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.
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