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Lawmakers Fight to Protect Anonymity for Foreign Accountholders
July 25th, 2011
WASHINGTON, DC – The U.S. Treasury Department is finalizing a regulation (REG-146097-09) that would require that the interest earned on the U.S. bank accounts of non-resident aliens be reported to the Internal Revenue Service (IRS), as is currently required for U.S. citizens. The proposed IRS regulation has been touted as an important tool in the fight against international tax evasion, money laundering, drug trafficking, corruption, and terrorist financing. However, a small group of legislators have introduced a bill (H.R. 2568) that would prevent the Treasury from taking such action.
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