Brussels, 06/02/2013 (Agence Europe) - In Rome, Italy, on 1 Feburary 2013, European banking experts, representatives of member states' tax departments, the OECD and the European Commission examined the implications of the United States' FATCA (Foreign Account Tax Compliance Act) on assets owned by American nationals outside the United States. They addressed the issue at a conference organised by the European Banking Federation (EBF). EBF Director General Guido Ravoet said that, when drawing up FATCA, the US authorities initially aimed to prevent tax fraud and abuse of off-shore accounts by US passport-holders, but FATCA now acts as a catalyst for a wholly new international tax landscape where banks have to act more as tax intermediaries and provide the tax authorities with detailed information about investment, which is not the job of banks. Other bank industry representatives complained about the fact that not enough time had been given for the banks to meet the new legal requirements and adjust their computer systems accordingly. (FG/transl.fl)