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The Foreign Account Tax Compliant Act is a tax information collecting measure the likes of which has not been seen since imperial Roman times, according to Andrew Miller, partner with Walkers. During a panel discussion on whether IFCs had managed to change popular perceptions, Miller, who said he was being deliberately provocative to encourage debate, thought that there would have been far more objection to FATCA, but that objection only seemed to have occurred once it had developed an “unstoppable momentum”. Small international financial centres such as the Cayman Islands ought to remember that the average American tended to group all IFCs together and were all too willing to believe that financial institutions in IFCs all behaved as the worst behaving financial institution in the worst behaving jurisdiction.




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