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Poland will begin negotiations with the US in September to agree a deal to share bank client data with Washington. The agreement is a consequence of the US Foreign Account Tax Compliance Act (FATCA) of 2010, which obliges foreign financial institutions to collect data about their US clients and share them with the US Internal Revenue Service.
The daily notes that the agreement will have
serious consequences for the clients of Polish banks and other financial institutions, such as brokerage houses. New clients will have to complete a special form to answer the question about any links with the US.
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The agreement will have to be approved by parliament and possibly the constitutional court to ensure it complies with the Polish constitution.
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