European Countries Reluctant To Challenge FATCA

Atli Stannard is quoted in Law360 regarding the U.S. Department of the Treasury’s claims of European Union banks violating privacy and anti-discrimination laws when they share customer information with the IRS. EU countries may negotiate with the Treasury Department, but only if they receive larger cross-border effort against tax avoidance. Mr. Stannard says, “It seems unlikely to me that EU countries would want to renegotiate these agreements unless they absolutely had to.” He adds, “In the broader context, this is a problem that affects a limited number of people in Europe. This is all part of broader international action on tax avoidance.”