Those two words sum up how “one by one” countries around the world fell to the FATCA “rotten carrot.“ Or an attempt to Explain the Wormy Morass of FATCA.
We certainly saw that in action in Canada’s Parliament this week. Unlike the other countries, Canada wasn’t even offered a “rotten carrot.” Canada already had an information exchange agreement with the US.
Or, as Mike Allen said “Congress has spoken.“
“Sovereignty, shmovereignty.” indeed.