Indonesian Journal of Law and Economics Review
Vol 18 No 2 (2023): May
Financial Accounting

The Extent to Which Financial Institutions Comply With The US FATCA Law


Article View
  • Khairi Ibrahim Murad*
Khairi Ibrahim Murad
University of Duhok. College of Law, Iceland *

(*) Corresponding Author
Picture in here are illustration from public domain image or provided by the author, as part of their works
DOI: https://doi.org/10.21070/ijler.v19i0.914
Published May 4, 2023
Keywords
  • FATCA Compliance,
  • Iraqi Banks,
  • Tax Evasion,
  • Global Banking System,
  • Financial Regulations
How to Cite
Murad, K. I. (2023). The Extent to Which Financial Institutions Comply With The US FATCA Law. Indonesian Journal of Law and Economics Review, 18(2). https://doi.org/10.21070/ijler.v19i0.914

Copyright (c) 2023 Khairi Ibrahim Murad

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Crossref
Scopus
Google Scholar
Europe PMC

Abstract

This scientific article explores the challenges and risks faced by Iraqi banks in complying with the Foreign Account Tax Compliance Act (FATCA). The study aims to investigate the extent of compliance in Iraqi banks and examine the general framework of FATCA through document analysis and interviews with bank officials. The results reveal that while Iraqi banks encounter various challenges in adhering to FATCA, they are actively taking significant steps to implement the necessary changes. The study highlights the need for continued monitoring of compliance efforts and emphasizes the importance of adapting to the global banking system. The implications of this research underscore the crucial role of FATCA in preventing tax evasion and ensuring tax compliance among US taxpayers utilizing non-US financial institutions and investment vehicles abroad. This research contributes valuable insights for professionals in the field, policymakers, and researchers interested in understanding the impact of FATCA on the banking sector and its implications for global financial regulations.

Highlights : 

  • Challenges and risks faced by Iraqi banks in complying with FATCA.
  • Active steps taken by Iraqi banks to implement necessary changes for FATCA compliance.
  • Implications for preventing tax evasion and ensuring tax compliance in the global financial landscape.

Keywords : FATCA Compliance, Iraqi Banks, Tax Evasion, Global Banking System, Financial Regulations

 

Article View

Downloads

Download data is not yet available.

References

  1. M. I. El-Sakka and M. H. A. Tobar, "Tax Compliance Law (FATCA) End of Banking Secrecy," Sci. J. Res. Commercial Stud., vol. 32, no. 3, 2014.
  2. A. G. A. N. Yassin, "FATC Tax Compliance Law and its Impact on Banking Secrecy," Thesis Postgrad. Dipl. Business Law, Lebanese Univ., 2016.
  3. H. Aboul Fotouh, "Tax Compliance Law Challenges and Solutions," [Online]. Available: http://almu7amy.blogspot.com/2014/08/blog-post_22.html.
  4. N. Ibrahim, "An analytical study of the accounting and tax implications of implementing the FATCA law," [Online]. Available: http://Drnabil.files.wordpress.com.
  5. D. Halima, "Tax Compliance Law on American Accounts," Res. Dipl. Level Business Law, Lebanese Univ., First Branch, 2014.
  6. A. Al-Arian, "The American Tax Compliance Act 'FATCA-'," [Online]. Available: http://almu7amy.blogspot.com/2014/08/blog-post_22.html.
  7. J. Shams, "The phenomenon of tax evasion and combating it and the role of the police in pursuing it," Ph.D. thesis, Ain Shams Univ., 1982.
  8. A. B. J. Muhammad, "The impact of the American FATCA law on the commitment to banking secrecy in Iraq," J. Legal Sci. / College Law, Univ. Baghdad / Spec. Issue Res. Priv. Law Branch Conf. "Sustainability Rules Private Law Contemp. Challenges," n.d.
  9. I. M. Farhan, "The control procedures of the Central Bank of Iraq under the agreement of the American Compliance Act for Foreign Accounts," [Online]. Available: http://www.iasj.netquery=a...(iasj).
  10. I. B. Al-Najjar, "Between the application of FATCA (the tax compliance law and the breach of bank secrecy of accounts," [Online]. Available: http://www.m.ahewar.org/.
  11. Z. Habbo, "International Tax Evasion," Damascus Univ. J. Econ. Legal Sci., vol. 27, no. 1, 2011.
  12. M. Abdel Qader, "Legal Mechanisms to Combat International Tax Evasion," J. Policy Law Notebooks, no. 12, 2015.
  13. I. Boukeroua, "How to avoid international double taxation within the framework of international tax agreements, a case study of the Algerian-French tax agreement," Master's thesis in Finance, Skikda Univ., Algeria, 2010.
  14. A. H. Al-Sharqawi, "Tax Evasion and the Economy," Publ. New Univ. House Alexandria, 2006.
  15. S. A. Nashed, "The phenomenon of international tax evasion and its effects on the economies of developing countries," Beirut: Dar Al-Halabi publications, first edition, 2008.