Financial institutions have generally fallen into two categories in their reactions to FATCA: some seem to be leaning towards trying to qualify under “deemed compliance” exceptions, while others have urged their governments to shred privacy laws so they can dump all the costs and harms of compliance onto the public. But as far as I know this is a first: an industry body suggesting that its members ignore FATCA entirely. A couple of different links to the story, in case one or the other ends up trapped behind a paywall: IFAOnline.co.uk and Investment Week. Quotes below. Continue reading
