“FATCA, the U.S.’s global tax avoidance law, is a threat to Russia’s financial system, the head of Russia’s money laundering watchdog said Thursday, in the latest outburst from a Russian official against Washington’s unilateral application of its own laws beyond its borders. FATCA, which went into force in July, requires foreign banks to pass information on the accounts of U.S. taxpayers to the U.S. tax service, the IRS, and withhold money on the IRS’s behalf. Shirkers face financial penalties on their U.S.-based income. ‘In effect our financial institutions will become tax agents, tax informants for the U.S. economy,’ Yury Chikhanchin, chief of Rosfinmonitoring, said.”
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