Transparency International’s open letter to the G20 leaders requiring transparency of ownership ought really to be pushing at an open door. Particularly so, in the light of the Financial Action Task Force’s Recommendations 24 and 25 (published in 2003 and updated in 2012) which require member countries to ensure that accessible information can be obtained and exchanged on beneficial ownership of legal persons and trusts/arrangements.… Continue Reading
More than 77,000 foreign banks and other financial institutions agreed to share information about U.S. account holders with the Internal Revenue Service as part of a crackdown on offshore tax evasion, the Treasury Department said Monday.
The Internal Revenue Service won’t fully enforce FATCA — the Foreign Account Tax Compliance Act — in July 2014 as originally planned but will wait until 2015.
In its May 2 guidance, the IRS said it postponed the enforcement date to allow for an orderly transition for withholding agents and foreign financial institutions (FFI) to meet the law’s requirements.… Continue Reading