FATCA Reciprocal Reporting

FATCA Reciprocal AEI

1. Congress letter rejects Treasury request for reciprocal AEI according to FATCA's promises.
2. US Treasury list of countries it may exchange information with regarding depository interest for non resident aliens.
3. US territories do not reciprocate AEI according to FATCA. Example IGA definition of the United States of America

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  1. Whereas, the United States of America collects information regarding certain accounts maintained by U.S. financial institutions held by residents of Spain and is committed to exchanging such information with the Kingdom of Spain and pursuing equivalent levels of exchange,...

  2. Article 1 - Definition: The term "United States of America" does not include the US territories. The term US Territory means American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, the Commonwealth of Puerto Rico, or the U.S. Virgin Islands.
4. FATCA IGA promises of reciprocal reporting were never mentioned or contemplated in the FATCA Statute passed by Congress. Reciprocal reprorting was the carrot promise made by Treasury when negotiating with partner countries to accept FATCA. Does Treasury have the constitutional authority to negotiate IGAs which are not treaties sanctioned or ratified by Congress? Are IGA's merely an executive agreement by the US president which can be overturned by the next Republican president.