The Republic Bank Group has mobilized efforts to ensure compliance with the Foreign Account Tax Compliance Act (FATCA) which was enacted by the US in 2010 as a means of staunching tax evasion by US persons.
The announcement was contained in the 2012 Republic Bank (Guyana) Limited annual report.
Republic Bank (Guyana) Limited, part of the Trinidad-based group is the first local institution to say publicly that it intends to comply with the US law. Prior to this announcement, neither local banks nor the government had commented on this