New Rules Under
Bank Secrecy Act to Shortly Go Effective; I'm Sure The Timing Is Just A Coincidence
On June 30, 2014, the Treasury
released proposed regulations requiring the banks gather information as to who
controls and owns business entity account holders. Previously I reviewed this
proposal; HERE is a link to that
discussion.
Last Thursday (April 7, 2016)
it was reported that the Treasury will shortly be issuing the final
regulations. I'm sure this movement on a proposal that has been pending for
nearly 2 years is entirely coincidental with respect to the release of the
recent of “Panama Papers,” that being certain files from Mossack Fonseca
describing various mechanisms used around the country (although largely not
involving either US business organizations or US taxpayers) to evade taxes.
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