Why does a foreign bank have to do what the IRS tells them to do? Are there now sovereign nations left? It’s crazy.
The US is not a sovereign country that is governed by its citizens... it is controlled by the same globalist elites that export jobs overseas. If you are an unemployed American and follow those exported jobs overseas, they will still tax you even if you get none of the “services” that governments are supposed to provide.
If a foreign bank buys American Treasury Bonds they can't afford to be on a list of non-cooperative Banks that are excluded. Most banks don't want to be bothered and fewer banks are willing to open accounts for American citizens because of the reporting requirements.
If they don’t, “ve haf ways of making you”. Don’t underestimate the Chicago Mob.
As it says in the article, if a foreign bank doesn’t comply they pay a 30% fine on every transaction with an American bank.
In a word, FATCA. If a foreign bank wants to any business relationship with US banks, it must comply. Simple as that.