EU revives issue of FATCA information exchange as year-end deadline for banks approaches
With less than two weeks until the end of the year – at which point banks and other financial institutions outside the U.S. have been told that they must supply so-called Tax Information Numbers of all their American clients, or potentially be in breach of the Foreign Account Tax Compliance Act – the European Union has formally urged the U.S. Treasury to urgently address "the problems faced by residents, financial institutions and governments of the EU Member States in relation to FATCA".