Khartoum — The Central Bank of Sudan (CBoS) has directed all commercial banks in the country to implement provisions of the of the U.S. Foreign Account Tax Compliance Act (FATCA) by July 1st .
FACTA is a US law designed to crack down on offshore tax evasion by American citizens through requiring most foreign banks and investment funds to report to the U.S. Internal Revenue Service (IRS) information about U.S. customers' accounts worth $50,000 or more.
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