Russia OKs Bill Letting Banks Disclose FATCA Info To US

Law360, Los Angeles (June 25, 2014, 10:42 PM ET) — Russia’s upper house of parliament reportedly approved legislation Wednesday that would allow Russian banks to share information about their foreign clients with the U.S., so the banks can comply with the Foreign Account Tax Compliance Act, despite the Russian government’s previous opposition to the new law.

The Council of the Federation, the upper chamber of Russia’s Federal Assembly, passed amended legislation that would let Russian banks supply American taxpayer information to the Internal Revenue Service if the clients provide such consent, according to Russian news agency…