A while ago I wrote about a call I had from a financial planner in New Zealand whose client had allegedly been denied an account and said I would research these allegations further.
I have been doing some research on FATCA today as I write an update on this for the American Chamber of Commerce in New Zealand.
There is compelling evidence of this occurring in other countries to a much greater extent than the ripples that are occurring in New Zealand.
My observation is that momentum is gaining particularly in the wake of the latest IRS pronouncements issued in July 2011. There appears to have been a hive of activity by various stakeholders in the past few months.
I am completing the article this week which includes an update from both sides – regulatory and also the worldwide reaction including, of note, the reaction from the Canadian government.