Fatca, despite worldwide protests as a major infringement on personal privacy laws could still be forced into law by financial sector and some Governments

The European Nordic banking associations have recently opened FATCA reciprocity talks. This regardless of Fatca being widely criticized by privacy advocates around the World including the European parliament, as an infringement on privacy laws,

FATCA , supported by the financial, banking, insurance industries, and  most conservative national governments, is not only considered to be a very controversial proposal but also a major infringement on Privacy laws, which has resulted in massive criticism of Fatca worldwide

The push for reciprocity under the US Foreign Account Tax Compliance Act (Fatca)

is gaining pace say the supporters of Fatca, with banks in four Nordic countries now  urging their national governments to facilitate this bilateral agreements with the US.

The reciprocity agreements will allow foreign financial institutions to report European and US customer data to their national governments.. 

 

When the draft Fatca regulations were released in February this year, the UK, Spain, Italy, France and Germany issued a statement of intent alongside the US detailing their intention to seek reciprocal agreements.

One can only hope that advocate groups, politicians and others will remain vigilant that Fatca is not sneaked through one way or the other and becomes a law, just like the recent controversial bill that will give the U.S. Department of Home Security access to EU airline passengers' personal information including credit card data..

EU-Digest