U.S. Sets Bank Data-Sharing Rules

Japan and Switzerland negotiate with U.S. on procedures for sharing information on U.S. account holders.

The U.S. is negotiating with Japan and Switzerland on detailed procedures for sharing U.S. account holders’ offshore bank information under an anti-tax-evasion law scheduled to take effect in 2013, the Treasury Department announced.

Banks and financial institutions from around the world have been complaining to the U.S. about the burdens caused by the Foreign Account Tax Compliance Act, or Fatca. The agreements announced today are part of the governments’ efforts to create a smoother process for information exchange.

Model Rule

The model announced today could be extended to other countries, said the official, who spoke on the condition of anonymity to discuss the details of the agreements.

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