U.S., Switzerland and Japan Issue Statement on 2nd Alternative to Implement FATCA

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Wednesday, August 3, 2016
Author: 
Bruce Zagaris
Volume: 
28
Issue: 
8
Abstract: 
                On June 21, 2012, the U.S. Treasury Department announced agreements with Switzerland and Japan to pursue a new alternative approach to implementing the Foreign Account Tax Compliance Act.  Treasury officials said the second alternative is necessary due to foreign domestic legal obstacles such as privacy rules that would prevent financial institutions from participating in the reporting requirements.[1]