The penal withholding tax provisions of FATCA are making it difficult for US citizens to do business with foreign (non-US) financial institutions. The OECD's Common Reporting Standard relies instead upon each participating jurisdiction to enforce the reporting laws. Is that a silver lining for CRS?
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Sixth Circuit affirms that plaintiffs lacked standing to challenge foreign reporting requirements
http://www.wealthmanagement.com/estate-planning/dismissal-fatca-lawsuit-upheld
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