Notice to Reporting Commonwealth of Dominica Financial Institution Sample Clauses

Notice to Reporting Commonwealth of Dominica Financial Institution. The Commonwealth of Dominica Competent Authority should notify the relevant Reporting Commonwealth of Dominica Financial Institution of the significant non-compliance determination, including the date the U.S. Competent Authority provided notice of such non-compliance tothe Commonwealth of Dominica Competent Authority (per Paragraph 3.3.4). The notice should also indicate that if the significant non-compliance is not cured within 18 months after the date the U.S Competent Authority provided notice to the Commonwealth of Dominica Competent Authority, the relevant Reporting Commonwealth of Dominica Financial Institution may be treated as a Nonparticipating Financial Institution, its name may be removed from the IRS FFI list, and it may therefore be subject to 30- percent withholding under section 1471(a) of the U.S. Internal Revenue Code.
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