Banks in Countries With Agreements Need to Do FATCA Due Diligence

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Banks in countries that are working on information sharing agreements under the Foreign Account Tax Compliance Act still must perform due diligence and identify accounts in preparation for sharing the information with their own governments, Treasury International Tax Counsel Michael Caballero says. “It isn't going to be some sort of special treatment for institutions in these countries,” Caballero tells Bloomberg BNA following a panel discussion at a conference sponsored by the Institute of International Bankers. The Treasury official shares a panel with IRS Associate Chief Counsel (International) Steven Musher, who says the government plans to finalize proposed rules on FATCA by the end of the summer and asks for expedited comments.

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