Mark Srere speaks during the FATCA conference in Beirut, Monday, June 9, 2014. (The Daily Star/Mohammad Azakir)
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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.FATCA requires foreign financial institutions to report information about accounts held by either U.S. taxpayers or foreign entities in which U.S. taxpayers have a substantial ownership interest directly to the IRS.According to estimates, there are close to 90,000 Lebanese with U.S. passports residing in Lebanon.
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