Previously I parsed data (from the FATCA – Archive) and graphed those countries with Intergovernmental Agreements (“IGAs”) in place which covered all Financial Institutions within those jurisdictions. Foreign Financial Institutions (“FFIs”) in countries that do not have IGAs in effect are required to enter into FATCA Agreements directly with the Internal Revenue Service or else face potentially catastrophic 30% withholding on amounts received from entities within IGA countries or from participating FFIs.
The result is the following world map view created by mashing data from here together with data from here and graphing with “R“.
FATCA truly has brought the world ‘together’ (Iran
, Syria and Somalia currently excepted; although I wonder if these two GIINs are registration errors as they claim a source within the Democratic People’s Republic of Korea [AKRJ7L.00000.SP.408 and 9K5UN9.00000.BR.408]?!).
Robert Wood
, over at Forbes, has an excellent article