Local banks appear to have been slow to respond to a new United States tax compliance law which will require them to provide the US Internal Revenue Service (IRS) with financial information on US citizens possessing local bank accounts containing amounts exceeding US50,OOO (G$100 million) or foreign entities in which U.S. taxpayers hold a substantial ownership interest.
The US Foreign Account Tax Compliance Act (FACTA) will effectively require local commercial banks to provide the IRS with what in some cases is sensitive financial information on Guyanese-born holders of US Green Cards