Up to two weeks ago the local banking sector remained tight-lipped on the progress it is making in meeting the conditionalities imposed by the Foreign Account Tax Compliance Act (FATCA) enacted by the US Congress in 2010.
This legislation was put in place to clamp down on non-compliance by US taxpayers who use foreign accounts to facilitate tax evasion. FATCA requires US financial institutions to withhold a portion of payments made to Foreign Financial Institutions (FFIs) that do not agree to report information on
