Law to prevent tax evasion, FATCA, likened to a nuclear weapon
A new law went into effect July 1, 2014 in the United States that requires all foreign banks to report to the US information on their customers that are US citizens.
This will create a huge amount of paperwork.
It is quite unpopular. Many perceive it as yet one more example of extraterritoriality, the US forcing everyone outside the US to comply with US law or else.
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