After a lot of complaints around the world with the huge reporting issues faced by banks that must comply with the new regulations under FACTA, the US Treasury Department has extended the deadline.

The fulfillment of the obligation to report on foreign bank accounts belonging to U.S. citizens has been postponed to July 1, 2014.

This was announced by the U.S. Treasury through a statement, explaining that “due to the huge interest from countries around the world” the deadline to comply with the Law on Foreign Account Tax Compliance (FATCA), will be extend by six months, that is until July 1, 2014.

“By this date, foreign banks and other financial institutions must have agreed to identify and deliver information on U.S. account holders,” reports Elespectador.com.

Currently there are nine agreements with other governments to facilitate the exchange of information required by law, and the U.S. is reported to be in talks with another 80 countries and jurisdictions.

Source: elespectador.com