GATCAGifted and Talented Children Association (Australia)
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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.
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.
While the goal of GATCA is to provide for common reporting and due diligence standards with deadlines beginning in 2016, it could, in theory, require a fund to report each and every investor to the investors' local jurisdiction.
"GATCA - which for Americans would arguably violate the Fourth Amendment - is FATCA on steroids.
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.