ST JOHN’S, Antigua – Noted financial crime expert and money-laundering author Jeffrey Robinson said if Caribbean governments wait it out, the United States’ Foreign Account Tax Compliance Act (FATCA) will not be around in five years.
“FATCA worldwide is still born. FATCA will eventually die because there will be too many big jurisdictions who will simply refuse to comply,” he said.
“It won’t work because there will be non-compliance by the Caymans and there will be non-compliance by Switzerland … The Chinese are not going to report.”