Efforts led by the U.S. Treasury to crack down on U.S. tax evaders are slow, complicated and only the initial steps in a years-long strategy to recapture $100 billion in lost offshore tax revenue, according to remarks at a recent New York tax conference.
Attempts to implement the 2010 Foreign Account Tax Compliance Act (FATCA) have repeatedly stalled, partly because the sweeping law raises privacy and diplomatic concerns.