The US Foreign Account Tax Compliance Act (FATCA) is forcing banks in Switzerland to disclose full details of client accounts that have not be previously reported to the Internal Revenue Service (IRS). FATCA, which was introduced internationally in 2010, compels foreign banks to disclose details of assets and funds held by US citizens. According to reports, 12 Swiss-based banks and fiduciary firms have received group administrative assistance requests via the Swiss Federal Tax Administration (SFTA). The IRS is requesting details of American clients' accounts, with account holders r...
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