I suspected something like this was brewing. There is a projet de loi here in France that is quite similar to FATCA though it is limited to trusts.
You can read more here. (Article in English)
Here is a choice quotation:
“The new Loi de Finances Rectificative pour 2011 contains measures that oblige trusts and their trustees to report on the trust’s French assets, their French beneficiaries, and/or French settlors.
Reporting is also required even if all the parties to the trust reside outside of France, if the trust holds any form of French asset, such as loans, real estate, stocks and shares.
Also like FATCA, the new law seeks to involve trusts which have French settlors and/or beneficiaries, and/or which contain French assets, in seeing that any tax monies owed are collected.”
I haven’t had a look at it yet but I think I’ll leave it for tomorrow because I was up really early, it’s now 9 PM here, and I think I need to go “dodo” right about now. 🙂