American clients are threatened with an international backlash against the mountain of rules and regulations put in place by US administrations to fight tax evasion and money laundering, as a shrinking number of banks show any willingness to do business with them.
American clients are threatened with an international backlash against the mountain of rules and regulations put in place by US administrations to fight tax evasion and money laundering, as a shrinking number of banks show any willingness to do business with them.
At worst, genuine personal investment flows by US nationals may be derailed by banks’ increasing reluctance to handle their business because of compliance burdens and even the threat of litigation.
Skadden Arps, a law firm in Los Angeles concerned at the impact of new laws in Washington, has declared that the US will “strangle” itself under this new regulatory environment.
Related
It is well-known that a number of Swiss banks have starting to ask their US clients to become tax-compliant or leave, after the US Department of Justice move to order UBS to provide details of as many of 52,000 of its American clients.
For further details, visit thewealthnet
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