Financial institutions in the Philippines which have chosen to be considered as foreign financial institutions or FFIs under United States’ Foreign Account Tax Compliance Act (FATCA) must also ensure compliance with domestic laws to avoid violating the tax laws of either country, the Bangko Sentral ng Pilipinas (BSP) said.

In an emailed statement to reporters, BSP Gov. Amando Tetangco Jr. said FFIs must also comply with Philippine tax laws or face penalty.

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