Data Protection Board statement seen to kick off long-sought review of EU's FATCA regs

After years of appearing not to take on board mounting criticism of the U.S. tax evasion prevention law known as FATCA, which mandates that non-U.S. financial institutions provide personal data about their U.S. clients to U.S. officials on an annual basis, a European agency has told EU member states to consider a "review" of their international agreements "that involve international transfers of personal data, such as those relating to taxation (e.g. to the automatic exchange of personal data for tax purposes)."

  • News

23-page EU Council 'working paper' on AEOI regs emerges, prompting concerns

A "Working Paper" issued by the European Council on Sept. 11, four days before the European Data Protection Board was due to meet to discuss how the EU should best prepare to participate in the worldwide move towards ever-greater automatic exchange of information, is being seen by some observers as an indication of the willingness of EU governments to take measures behind the scenes aimed at quietly ensuring a consistent pan-EU data protection message that also fits in with their "Realpolitik" objectives – including avoiding a public, political showdown with the U.S. over FATCA.

  • Tax
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Opinion

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...

Mar-18-2023