Egypt: US Citizen Accounts to be Closed if no FATCA Disclosure Authorisation Given
Type
E-journal
Date
6 Feb 2014
Jurisdiction
Egypt
Taxonomy
Financial Institutions, Relationship Between Banker & Customer, International Tax
Copyright
LexisNexis
Analysis
The Deputy Governor of Egypt's Central Bank and executive director of the anti-money laundering unit has announced banks will close the accounts of US citizens who do not disclose their assets to the US Treasury Department in line with the US Foreign Accounts Tax Compliance Act.
He announced secrecy is in line with Egyptian law, so the Egyptian government will not disclose the amount without client authorisation.
FATCA obliges all banks and financial institutions to report to the US Treasury the balances of any US citizens with over $50,000 deposited.
Institutions which do not follow the requirements will face penalties.
For full story see: http://www.ahram.org.eg/NewsQ/258279.aspx