I wrote the other day about an article in the New York Times that was critical of FATCA. One reader let me know that the article may have hinted at more going on…
In the article, it said:
Financial institutions outside the United States also say that the law’s costs will be imposed overwhelmingly on them, giving a competitive advantage to United States rivals.
This, pointed out the reader, may become an issue with the World Trade Organization (WTO).
The WTO’s regulations are rather Byzantine and often subjective anyway, but it will be interesting to see if any countries bring this up as a WTO trade issue.