With FATCA data flood looming, US hunt for offshore accounts earns big court win


(This ACFCS.org story is adapted from an article in the Dec. 2012 International Enforcement Law Reporter, published by attorney Bruce Zagaris. A partner at Berliner, Corcoran & Rowe, in Washington, DC, Mr. Zagaris is member of the ACFCS Advisory Board and a leading world expert in international tax, treaties and law enforcement matters.)


Nowhere in the opinion is the Foreign Account Tax Compliance Act mentioned, but the ruling last month by the US 5th Circuit Court of Appeals, in Texas, gave the US government a major precedent to use when it begins investigations based on the overseas financial account information of US persons that will begin to flood the Internal Revenue Service next year under the law known as FATCA.

The victory arms the government with another tool in the wave of lawsuits and investigations likely to flow from the financial account data foreign financial institutions will disclose to the IRS under FATCA.

Lost password?

This content is accessible by ACFCS Members only.
If you are a member, please log in above.

To join now. Click here.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply