FATCA: Will it harm our economy?

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Jun 17, 2013

KINGSTON, Jamaica - It now seems that our money is going to be controlled once more by external governments and their regulations. There will be instituted in our banking regulations a requirement for some additional information on clients' funds, and their source of funds, especially if they happen to be citizens of the USA, or simply green card holders. This is different to what is being required by the Jamaican central bank under the Prevention of Crimes Act (POCA), and will be instituted under FATCA, meaning the Foreign Exchange Tax Compliance Act.

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