Foreign Bank Reporting Provisions in New Hiring Law Seen Changing Withholding Landscape

President Obama’s signature on major new jobs legislation (Pub. L. No. 111-147; H.R. 2847) March 18 puts in place a host of requirements for foreign banks to report and disclose accounts with U.S. owners, in an action that stakeholders said will change the landscape not just for those banks but for the entities and agents who handle cross-border payments.