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Up in arms against the onerous FATCA

Critics say the new law infringes on the freedom and the right to privacy of overseas Americans, and are mounting a forceful challenge.

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FATCA basically assumes that every financial account held by US citizens abroad could potentially be used to evade US taxes. To go after a small number of people in a way that takes away the freedom of 7.6m Americans overseas is overreaching.

THE Foreign Account Tax Compliance Act (FATCA) - a law passed in 2010 to tackle the abuse of using offshore financial accounts for the purpose of evading US taxes - is now in effect after a two-year delay. As it requires foreign financial institutions worldwide to identify and report to the US

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