US flexes muscles to know account info
Bangladeshi banks have come under pressure from the United States to send account information on American citizens or foreign companies where US investors have at least 10 percent ownership.If any local bank fails to report to the US Internal Revenue Service (IRS), the bank's money at Nostro accounts in the US will be withheld.Bankers fear if local banks comply with the US regulation, it will directly affect deposits and investments by non-resident Bangladeshis, who are also taxpayers in the US. Moreover, the local banks have to do the task at their own cost.
http://www.thedailystar.net/
http://www.thedailystar.net/
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