Word: eizenstat
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Dates: during 2000-2000
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...passbook accounts opened after Nov. 1, 2000, to identify the owner. After June 30, 2002, deposits to or withdrawals from any accounts will be banned unless the owner is identified. "Anonymous passbook-savings accounts have been a critical loophole in the international consensus to combat money laundering," said Stuart Eizenstat, Deputy U.S. Treasury Secretary. "This victory represents a clear demonstration of FATF resolve and credibility...
...latest proposal, however, may present as many problems as it solves. U.S. Deputy Treasury Secretary Stuart Eizenstat voiced "serious concerns with both the substance and process" of the directive, arguing that "the unintended implications of the...proposal are not worth the short-term tax revenues that may result." Among other things, he said, the new law could result in a higher tax on books delivered online than those bought in a bookstore. Ken Wasch, president of Europe's Software & Information Industry Association, called the directive "simply unenforceable." Guido de Wit, a VAT tax expert with a Brussels law firm, notes...