Focus Taiwan
Date: 2016/12/27
By: Tsai Yi-chu and Lilian Wu

Taipei, Dec. 27 (CNA) Taiwan and the United States signed an agreement on the Foreign Account Tax Compliance Act (FATCA) on Dec. 22 that will make it easier to go after “non-cooperative” clients, the Financial Supervisory Commission (FSC) announced Tuesday.

Under the inter-governmental agreement, which still has to be approved by the Legislature, the U.S. can in the future ask Taiwan to provide data on “non-cooperative” clients.

At present, Taiwan’s financial institutions have only provided the U.S. with the number of “non-cooperative” clients and the amount of money in their accounts, but they have not provided personal information on the clients themselves.

The Banking Bureau under the FSC said that under the agreement the U.S. can ask for more detailed information on clients who do not cooperate with requests for information.    [FULL  STORY]