Swiss banks have been told that the implementation of the US Foreign Account Tax Compliance Act (FATCA) law, which was scheduled to go into effect in January 2014, has been postponed by six months to July 2014, according to GenevaLunch News.
Swiss banks have now been told they must comply with the US FATCA law by July 2014.
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Switzerland and the US have amended the FATCA agreement in line with the new timetable for FATCA implementation.
As per the law, hundreds of Americans in Switzerland have been warned by banks that their bank accounts are being closed, or that they must register with special offices, often with higher handling fees.
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