U.S. says 77,000 banks, firms sign up to fight tax evasion

About 77,000 foreign and U.S. banks and financial institutions, including some in Russia, have registered with the United States to comply with a new law meant to fight tax dodging by Americans, the U.S. Treasury Department said on Monday. Deputy Assistant Secretary for International Tax Affairs Robert Stack said in a statement that the high level of registrations so far showed "strong international support" for the law, set to take effect on July 1. The Foreign Account Tax Compliance Act (FATCA) will require foreign banks, investment funds and other institutions to tell the U.S. government about Americans' accounts that are worth more than $50,000. Hundreds of institutions in Russia signed up to comply with FATCA despite frosty relations between Washington and Moscow.

via Business News - Yahoo Finance http://ift.tt/1ooKoR9