Regulatory Alerts2014-01-01
Circular No. 31 on the Foreign Account Tax Compliance Act (FATCA)
The Palestine Monetary Authority issued Circular No. 21/2014 directing all banks operating in Palestine to complete electronic registration with the U.S. Internal Revenue Service by April 25, 2014, to secure IRS review and approval during 2014. The directive mandates strict compliance with Instruction No. 06/2013, requiring banks to prepare and obtain signatures on bank secrecy waiver forms solely for U.S. tax compliance purposes. All customers subject to the Foreign Account Tax Compliance Act (FATCA) must execute these waivers to enable proper regulatory reporting.
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