Russian banks comply with FATCA under Russia’s amended law

ITAR-TASS: Economy – Russian banks comply with FATCA under Russias amended law — minister.

Another amazing feat by the U.S. government under the FATCA law…. The United States has convinced the Russian government to amend their laws to allow compliance under the U.S. Foreign Account Tax Compliance Act (“FATCA”). It appears that the Iron Curtain has swung its doors wide open for the U.S. government to learn about U.S. persons with undisclosed financial accounts in Russia. If you happen to have undisclosed financial accounts in Russia, the (OVDP) Offshore Voluntary Disclosure Program is a program that is being offered by the IRS to bring these accounts into compliance with the U.S. tax laws and Bank Secrecy Laws with reduced civil penalties and free from criminal prosecution.