Everybody knows that the USA is the financial center of the world while its dollar is the world’s major currency. However, few of us know that the Foreign Account Tax Compliance Act (FATCA) will take effect on January 1^st 2013. Since then, any financial organization around the globe (banks, hedge funds, insurance companies etc) that has any financial relations with US companies will have to send an annual report to the Internal Revenue Service (IRS), the U.S. government agency responsible for tax collection and tax law enforcement.

 

According to Eugene Olkhovsky, Masterforex-V Academy’s leading expert from Canada, the first attempt to eliminate the “bank secrecy” was successful. As a result, Swiss banks cannot withhold the data about their clients any more.