Any self-respecting foreign government would laugh at that.
Tell that to the foreign banks that are forced by the U.S. to comply with U.S. law:
"Conceived as a way to enlist the world in a crackdown on wealthy Americans evading tax, it gives global financial institutions and investment entities a choice: either collect and turn over data on U.S. clients with accounts of at least $50,000, or withhold 30 percent of the interest, dividend and investment payments due those clients and send the money to the IRS.
Foreign institutions and entities that refuse, or fail, to do so face bills for the taxes due, a draconian penalty of 40 percent of the amount in question and heightened scrutiny by the IRS.
"FATCA is a blunt instrument for which foreign banks have no choice but to each spend tens of millions of dollars to help the U.S. enforce its own tax law," said Scott Michel, a tax lawyer at Caplin & Drysdale in Washington, D.C."
World's financial institutions say new law forces them to be U.S. tax agents
http://www.reuters.com/article/2011/08/19/us-usa-tax-fatca-idUSTRE77I38220110819
How very uninformed many of you are. [shaking my head]