On January 16, AmCham participated in a meeting hosted by the Ministry of Finance regarding the implementation of the new regulations aimed at harmonizing the domestic legal framework with FATCA requirements.
FATCA is a new US law that requires financial institutions to file reports with the Internal Revenue Service on American taxpayers, regardless of where they are located in the world, or face punitive penalties. The rules affect banks and some other financial institutions operating in Moldova.
After the presentation of FATCA, delivered by US Embassy representatives, a question and answer session was held. Participants discussed the potential consequences of the FATCA regulations on the banking sector as well as the necessity of amending domestic regulations in the area of data protection and banking secrecy.
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