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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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 government all financial accounts owned by US citizens and green card holders, the rules add to the expanding regime of regulations faced by Americans living and working abroad.
Guilty till proven otherwise
The basic principle of FATCA is the assumption that every financial account held by US citizens overseas could potentially be used for the purpose of evading US taxes.
