Caleb Harshberger reports:
A Belgian agency ruled that the government’s sharing of Americans’ financial information with the IRS under a US law violates European data protection laws.
The US Foreign Account Tax Compliance Act, or FATCA, requires reporting of foreign bank account information to the US agency.
The Belgian Data Protection Authority issued the ruling Thursday, saying sharing of this data in accordance with FATCA violated provisions in the EU General Data Protection Regulation, and it gave the Belgian government one year to bring its data-sharing into conformity with the GDPR.
Read more at Bloomberg Law.