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Full-Text Articles in Banking and Finance Law
Surveillant And Counselor: A Reorientation In Compliance For Broker-Dealers, James A. Fanto
Surveillant And Counselor: A Reorientation In Compliance For Broker-Dealers, James A. Fanto
BYU Law Review
This Article argues that the compliance officer should play a major role in the ongoing reform of broker-dealers and other financial firms. This role is facilitated by the fact that compliance is now well established and accepted and compliance officers are close to decision making at all levels of a firm. The contention is that the role of compliance must be rethought and reoriented if it is to contribute fully to the reform. Compliance officers now ensure that the firms and their employees comply with the numerous laws and regulations governing them and their activities, primarily by producing and then …
Innovations In The War On Tax Evasion, Tracy A. Kaye
Innovations In The War On Tax Evasion, Tracy A. Kaye
BYU Law Review
Offshore tax evasion is a global problem that requires a global solution. Nevertheless, the United States unilaterally responded to the offshore tax evasion problem by enacting the Foreign Account Tax Compliance Act. FATCA requires foreign banks to report information about financial accounts held by U.S. taxpayers directly to the Internal Revenue Service and imposes a thirty percent withholding tax on certain U.S. payments to any bank that will not cooperate. Yet, U.S. banks were not required to report any information on nonresident account holders (except for Canadians) to anyone. FATCA garnered worldwide attention. The European Union expressed its concerns to …