The Devolution of Financial Privacy

“It’s been no secret that China views FATCA very unfavorably and negotiations towards compliance are going nowhere. It seems unlikely that the US would hit China with the 30% withholding tax for non-compliance. With China holding roughly $1.2 trillion in US Treasuries, it’s not as if it lacks its own leverage over the US government. This leaves the FATCA juggernaut stuck in a Sino-US standoff. It appears the US will have to either make serious concessions to win China over or back down on the 30% non-compliance tax. Should China stand its ground and not compromise on FATCA, it would punch a massive hole in global compliance.”

http://www.internationalman.com/78-global-perspectives/987-the-devolution-of-financial-privacy

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