He said that some people in Lebanon wrongly believe that there is no need to worry about the secrecy of their accounts or income, since the new law that will be implemented by Lebanese banks starting September 2018 according to GATCA, will only affect nonresidents.
Since Lebanon is part of the Global Forum called GATCA, the Lebanese government will be able to access the information of people residing in Lebanon but who have bank accounts outside the country," he said.
GATCA uses FATCA as a template for documentation, reporting and intergovernmental agreements; from the design perspective, there is a clear overlap, notes Wouter Delbaere, Regulatory Reporting specialist at Wolters Kluwer Financial Services and author of the white paper.
Though seemingly onerous, the increased transparency GATCA brings to financial institutions client database and operations can prove to be a competitive advantage for them, says Delbaere.
As if all of this wasn't complicated enough, it appears as if things will likely become even more complicated with GATCA
, or Global FATCA.
He concludes: "The best way of halting the dangerous overreach of GATCA
in its tracks is to repeal FATCA.
Because the OECD, the G-20, and other forces seeking to foist the global FATCA, GATCA
, and taxation regimes on the world are largely unaccountable to the public, stopping the scheme will be tough at this point.