Fatca could push French banks to close up to 40,000 accounts

clock • 2 min read

Banks in France have warned that they could be forced to close up to 40,000 accounts belonging to US citizens because of ongoing difficulties with the Foreign Account Tax Compliance Act (Fatca). France is a signatory to an agreement to give the US Internal Revenue Service (IRS) personal and financial data about accounts and investments controlled by US taxpayers. The information is compared with tax filings so the IRS can check the right amount of tax is paid on income and investments.  The Fatca international tax code was intended to clamp down on international tax avoidance, but ...

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