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January 15,2019, 11:07, by
JC DoubleTaxed [Corporate]
"This would expose them to the risk of substantial US fines."
That is the "stick" that encouraged most nations to adapt a FATCA IGA making data collection according to FATCA rules (reporting on US person financial accounts above a certain threshold), the law of those countries.
There is some bluff in that "stick" as well.
European Nations may take this stance: As the US thus far has failed on its promises of reciprocity of FATCA data, European Nations will stop sending FATCA data until the US sends "like for like" data. What this implies is that the US has broken the agreements and (...)