2 thoughts on “Update – The Canada–U.S. Intergovernmental Agreement and Sharing Financial Information

  1. There is a major error in this report here in regards to the ADCS lawsuit against the Canadian FATCA IGA:
    “However, the court said that the plaintiffs could pursue a constitutional challenge in relation to the intergovernmental agreement; so far, they have not done so.”
    Not true: ADCS Constitutional Challenge to FATCA IGA fully funded and proceeding.

    Also, there is a severe omission in regards to FATCA in the U.S.:
    * Repeal of FATCA is in the Republican Party Platform.
    * The Republicans now control the Executive Branch and both houses of Congress.
    * Trump said that he was out to repeal many Obama Executive Orders. The Authority of FATCA IGA is by Executive Order. Trump may cancel the order with one year notice.
    * Republicans Overseas claims that the FATCA IGA are unconstitutional on 7 claims. One of these claims is that the IGA are international treaties and as such are required to be submitted to the U.S. Senate for review and approval. This has not been done.
    * An impact of FATCA is financial institution discrimination against local citizens who may be considered US persons.

    These are all important factors in the future of FATCA.

  2. There is a significant error in this article.

    “However, the court said that the plaintiffs could pursue a constitutional challenge in relation to the intergovernmental agreement; so far, they have not done so.”

    This is not true. The ADCS Constitutional challenge to the Canadian FATCA IGA is fully funded and proceeding.

    Also, the article does not state that FATCA is on shaky ground in the U.S. Repeal of FATCA is in the Republican Party platform.

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