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IRS issues additional guidance on FATCA, requires stricter private banking due diligence

The IRS has released additional guidance on the Foreign Account Tax Compliance Act (FATCA) announcing that the rules applicable to foreign financial institutions (FFIs) will be implemented in phases beginning in June of 2013. The notice comes as welcome relief to many institutions increasingly concerned that they will not be able to timely implement appropriate compliance measures; however, a number…

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