“Banks first refused to easily yield up client information, in part because local privacy laws often prohibit that. So the U.S. is negotiating inter-governmental agreements with about 80 jurisdictions, whereby banks submit data to local tax authorities, who then share information with the IRS.   In any case, FATCA is only the first step in eliminating tax evasion, Staples told International Business Times after his presentation. The eventual goal is ‘a multilateral exchange of information framework,’ said Staples. He described that future model as more robust and less U.S.-centric.  That global tax data sharing system could take years to appear.”

http://www.ibtimes.com/international-tax-evasion-crackdown-slow-tricky-only-first-step-fatca-legal-reform-1447796

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