Two prominent members of the European Parliament Sophie in’t Veld and Sylvia Goulard have recently raised concerns to the EU Commission over the FATCA five agreement the US signed with five EU nations. Link below to their written request to the EU Commission.
The US has been negotiating with the FATCA five countries since April of 2011.
Both in’t Veld and Goulard state any FATCA “agreement” must be negotiated by the EU Commission as a whole on behalf of all 27 members states.
Any FATCA agreement must be approved by the EU Parliament as part of its co-decision powers under the Lisbon Treaty.
Any FATCA agreement must have appropriate privacy safeguards whatever that means approved by the EU Parliament.
A couple of background notes on at least one of these MEP’s
Sylvie Goulard is actually a pretty big deal in France. She is a graduate of Sciences Po and ENA (Victoria can probably explain what that means in France but it is A LOT bigger deal than having gone to an Ivy League school in North America). Before becoming an MEP Goulard was a political advisor to Romano Prodi and Valery Giscard D’Estaing(a former president of France) .
Unfortunately it is quite clear that in’t Veld and Goulard despite their commendable concern over FATCA do not truly know its full implications. I will post their contact information soon. I think we need to start getting some of our EU members here to start making contact with these individuals.