Fatca could lead to systemic and reputational risk, says BBA
The BBA has submitted a letter to the US Treasury and IRS raising concerns that Fatca could cause systemic and reputational risk
The US Foreign Account Tax Compliance Act (Fatca) might lead to systemic market risk and reputational risk, according to the latest letter submitted to the US Department of the Treasury and Internal Revenue Service (IRS) by the British Bankers' Association (BBA). The letter highlights concerns that non-participating foreign financial institutions (NPFFIs) could quickly get into distress if a
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