The US Treasury is close to issuing rules to force banks worldwide to hand over up to 5m Americans’ account de-tails in an assault on tax evasion that financial institutions say is unworkable.
Tens of thousands of banks, fund managers, in-surers and hedge funds face having to give the names of US clients with at least $50,000 (€40,000, ￡32,000) of assets to the Internal Revenue Service under the Foreign Account Tax Compliance Act, passed in March.
Institutions are stepping up lobbying ahead of guidance from the US Treasury on implementation of the law. One said: “Every country, every representative body has this on its radar.”
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