Tax Notes Int’l

A new French bank reform law promulgated on July 26 introduces measures to implement international agreements for the automatic exchange of tax information that are currently under negotiation — notably, the intergovernmental agreement with the U.S. to implement the Foreign Account Tax Compliance Act.

The law on the separation and regulation of banking activities also is intended to increase the transparency of the activities of banks operating in tax havens and to protect consumers against unfair bank charges.

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