Treasury Offers Some Guidance On FATCA, Criticism Remains

The Foreign Account Tax Compliance Act (FATCA) went into effect this week, and if you have any doubts about how complex it is, bear in mind that it involves 80,000 financial institutions spread across nearly 100 jurisdictions according to the US Treasury, and there are still plenty of countries negotiating terms with the IRS. To help people sort out all the new rules, Treasury has brought together resources for individuals, financial institutions, and foreign governments, but none of it really addresses the laws critics.

Rules give foreign institutions a...