Dutch MPs launch campaign to challenge FATCA rules

MPs in the Netherlands have called for a resolution to the problem of so-called 'Accidental Americans' who face having their bank accounts closed because of their status as American taxpayers. The Dutch MPs are championing the cause of people who find themselves categorised as American but in many cases have never lived in the US and do not have a US tax number. At the same time, many banks across Europe are threatening to close accounts of Accidental Americans to avoid US penalties. Under FATCA, the US Foreign Account Tax Compliance Act, banks outside America are compelled to report ...