Financial Transparency Coalition

WASHINGTON, DC – Global Financial Integrity (GFI) applauded the U.S. Treasury Department and the Internal Revenue Service (IRS) for last night adopting a regulation (TD 9584) requiring banks to report information about interest earned on U.S. deposit accounts held by non-resident aliens, as banks have been required to do for accounts held by American citizens and Canadians. GFI and others have long advocated for implementation of this rule as an important tool in the fight against international tax evasion, money laundering, drug trafficking, corruption, and terrorist financing.