WHY would a bank turn over it’s private account’s data to a foreign nation ?
rather, why would a bank AGREE to such a scheme ?
RE: WHY would a bank turn over it’s private account’s data to a foreign nation ?
The need not, if they don’t do business in the USA.
But if they do, they have no choice. Think about it, why did UBS ( a Swiss bank ) and Credit Suisse disclose the names of their American depositors, essentially making Switzerland’s bank secrecy laws null and void?
Simply — they have a HUGE PRESENCE in the USA.
FATCA turns foreign banks and other financial institutions into enforcement arms of America’s Internal Revenue Service (IRS). They must choose between handing over information on clients who are ‘U.S. persons’ or handing 30 percent of all payments they receive from America to Uncle Sam.