Gaining Clarity on Data Search Parameters
Strapline: Regulation & Standards
They had to wait longer than expected, but earlier this year, data managers at financial institutions around the world received the proposed regulations of the US Foreign Account Tax Compliance Act (Fatca). Coming after three sets of guidance notices, the proposed regulations provide greater clarity about what will be involved in implementing regulations that are intended to combat tax evasion by US persons with offshore accounts.
The 388 pages of proposed regulations reveal the principles of
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