FATCA Gains Cooperation – Grudgingly
Douglas S. Stransky wrote an article entitled "FATCA Gains Cooperation – Grudgingly," published on March 27, 2014 in Global Tax Weekly. In the article, Mr. Stransky notes that despite the initial outcry by overseas governments and foreign financial institutions at the attempt by the United States to track down money hidden in offshore accounts by U.S. taxpayers, the U.S. has slowly assembled a network of countries now willing to cooperate with FATCA. This change of heart is largely due to the Treasury Department's willingness to negotiate "intergovernmental agreements" (IGAs). Although the IGAs have helped the U.S. build momentum for FATCA as the July 1, 2014 start date approaches, the article discusses the opposition that remains at home and abroad and the disruptive impact FATCA is having on global business.