FATCA Remains Vulnerable Despite Implementation

FATCA Remains Vulnerable Despite Implementation. This is a very interesting article that appeared in Forbes.com. I agree that FATCA is very expensive and difficult to implement. Despite the high cost of compliance, however, it is my opinion that foreign governments actually like FATCA due to the fact that the IGAs are giving them an opportunity to monitor their own citizen’s financial activities around the world and generate additional revenue. France and the UK are great examples of countries that have implemented their own laws to curb the activities of those that are the hiding financial assets outside of their own countries. Unfortunately, for those that have undisclosed assets outside their own countries and the financial institutions that are burdened by the cost of compliance, FATCA and the similar laws implemented by other countries are here to stay.