U.S. hunts for black money in Europe Financial Times Netherlands
A few days ago, the Netherlands announced that it joins the FATCA implementation agreement between the US and Germany, France, the UK, Italy and Spain. Under this agreement, foreign banks and other financial institutions do not need to report information directly to the IRS, but they will be obliged by national legislation to report it to the government of their home country, which then exchanges it on reciprocal terms with the US. This reduces the reporting burden for the banks and other institutions and for that reason, the agreement is supported - somewhat grudgingly - by the Dutch Banking Association. See the government press release Netherlands prepared to join U.S. and G5 on FATCA.The links take you to articles in Dutch. Google tries hard to translate but I think we'll have to take the TJN's word for it. This implies that automatic information exchange is in the works between the U.S. and a country it called a tax haven (but quickly took back); here is the implementation agreement. Of course all we're doing right now is agreeing to agree:
"the United States, France, Germany, Italy, Spain and the United Kingdom have agreed to explore a common approach to FATCA implementation through domestic reporting and reciprocal automatic exchange and based on existing bilateral tax treaties."