First FATCA Sentence Given to Budapest-based Banker for Non-Compliance

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Mr Adrien Baron, the former CEO of Budapest-based Loyal Bank has conceded to the courts on accounts of tax fraud by neglecting to adhere with FATCA regulations (the US Foreign Account Tax Compliance Act).

The Chief Executive was forced to leave Budapest to go to the US in July earlier this year, after an extradition activity whereby a covert US specialist enlisted him to open secret bank accounts. This is the first ever conviction of its kind for omission to comply with FATCA legislation.