The banks in Romania present the US IRS information about the Americans’ accounts
Over 100 banks, insurers, brokerage companies and funds administrators from Romania got registered to present the US data about the Americans who have over 50,000 dollars in accounts, as the Romanian state signed an agreement with the US for data transfer.
Romania reached an agreement with the US for the data transfer on the basis of a law which targets the American taxpayers with accounts abroad ( Foreign Account Tax Compliance Act – FACTA). The Romanian authorities accepted the inclusion on the list of countries with agreement of 2 April 2014, according to the American Treasury.
The agreement between Romania and the US follows the model established by the agreement with the UK, France, Germany, Italy and Spain. The agreement includes the idea that foreign financial institutions from partner jurisdictions can report directly to the national fiscal authorities who send the data to the US.
Banks in Romania registed according to FACTA include big banks such as Banca Comerciala Romana, BRD Groupe Societe Generale, Bancpost, UniCredit Tiriac Bank s and Raiffeisen Bank as well as credit cooperatives such as Banca Cooperatista 8 Martie Codlea and Banca Cooperatista Rascoala Botosani according to the data published by the US IRA.The list includes brokerage companies such as Raiffeisen Capital & Investment, SSIF Broker and NBG Securities, insurance companies, such as Allianz Tiriac Asigurari, Groupama Asigurari and Uniqa as well as funds administrators.
Up to the present, 77,000 foreign financial institutions, some of Russia, registered according to FACTA and approximately 70 countries accepted to send information. The US could block the access on the American market in the case of institutions which do not comply, says the American magazine Forbes.