Caribbean commercial banks could adopt a more assertive policy in relation to the new United States Foreign Account Tax Compliance Act (FATCA), which is scheduled to come on stream next year.
A senior local commercial banking official has told Stabroek Business that Caribbean banks may adopt a regional political lobby to modify some of the clauses embodied in the legislation.
The local banking sector has not divulged any position that commercial banks are likely to take on FATCA, the objective of which is to allow the US Government, through its Internal Revenue Service (IRS) to identify persons with American residency status, who seek to avoid the payment of taxes by holding accounts in
