Scotiabank has officially caved to FATCA

According to their website, Scotiabank started out in Halifax, Nova Scotia in 1832. They have over 7 million personal and business customers in Canada – a number of which they’re now throwing under the FATCA bus. Yay Scotiabank. Not.

C’mon Flaherty!  C’mon Govt of Canada! Protect your citizens no matter where they were born!

http://www.scotiabank.com/ca/en/0,,6098,00.html

“What does this mean to Scotiabank and our customers?

It is the Bank’s intention to meet our FATCA obligations across our entire global network, where applicable and permitted. To that end, Scotiabank has created a team of professionals committed to implementing the operational changes required to meet those obligations.

Scotiabank operates in more than 55 countries. Fifteen of those countries are in negotiations with the U.S., and two — the U.K. and Mexico — have reached an agreement and are now FATCA Partners.

  • As each country in which Scotiabank operates enters into an agreement with the U.S., we will do what is required to meet the obligations imposed by that country’s FATCA agreement.
  • Where Scotiabank operates in countries that are not FATCA Partners, we intend to meet our FATCA obligations by, wherever possible, entering into an agreement directly with the U.S. Treasury.”