Lebanese financial institutions are committed to full compliance with a U.S. anti-tax evasion law to become effective July 1, according to legal experts from both countries, who urged Lebanese citizens with dual citizenship to follow suit.

As of today, some 114 financial institutions operating in Lebanon have registered with the U.S. to comply with the Foreign Account Tax Compliance Act, according to the Internal Revenue Service website, and more are to follow, said Chahdan E. Jebeyli, head of the legal and compliance group at bank Audi, Lebanon’s largest lender.

Jebeyli was speaking at a seminar organized by the American Lebanese Chamber of Commerce at Phoenicia hotel in Beirut to highlight the requirement for the implementation of FATCA in Lebanon, the consequences of non-compliance and tax issues for U.S. persons living in Lebanon.

Source: The Daily Star