Financial firms worried about FATCA and CSR compliance

Thomson Reuters found that more than 50% of senior executives from the multinational firms surveyed said non-compliance of these mandates could affect the reputations of their institutions.

As the report explained, the US government implemented the foreign account tax compliance act (FATCA) in an attempt to combat tax avoidance by taxpayers holding offshore financial assets.

The OECD council approved the common reporting standard



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