“The Obama administration may soon ask Congress for the power to require more disclosure by U.S. banks of information about foreign clients’ accounts to those clients’ home governments, as part of a crackdown on tax evasion, sources said. The information-sharing effort stems from a fight by the Treasury Department against offshore tax evasion under the Foreign Account Tax Compliance Act, or FATCA, adopted in 2010 and set to begin taking effect at the end of 2013. At the heart of FATCA is a law requiring more disclosure by non-U.S. banks of information about Americans’ accounts to the Internal Revenue Service.”
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