Over 500 financial reports provided

‘Bank accounts of dual Kuwaiti-US citizens’

KUWAIT CITY, Dec 1: Ministry of Finance, earlier this week, provided the US Department of Treasury with more than 500 financial reports on the bank accounts of dual KuwaitiUS citizens and companies, reports Al-Rai quoting informed sources.

They revealed that this move is in line with the activation of the agreement signed between Kuwait and the United States of America on April 13, 2015 to improve international tax compliance and implement US Foreign Account Tax Compliance Act (FATCA) Law.

The sources explained that the deadline for submitting the US Department of Treasury with the required reports was November 30. The Kuwait government complied by submitting the reports on time. Enquiries were exchanged and some amendments on the reports were presented by the two governments and relevant financial institutions.

They indicated that employees of some banks and institutions in Kuwait, which were required to apply the decision, had stayed beyond the official working hours to meet the deadline and send the data of their customers to Ministry of Finance.

The sources did not reveal the percentage of Kuwaitis with dual citizenship but they said the submitted reports included individuals and companies.

It is worth mentioning that the FATCA Law obliges financial institutions at international level to inform the US Treasury about American citizens with savings in bank accounts exceeding $50,000.