Banking and Border Data To Be Shared with U.S.
DATA SHARINGJanuary 31, 2014
This July, the U.S. Foreign Accounts Tax Compliance Act (FATCA) goes into effect, mandating that non-U.S. banks ask clients if they are, or have been, a U.S. “person,” CBC News reports. The law requires banks to search for customers with certain “indicia” to determine their U.S. status. A representative from the Canadian Bankers Association said, “Bottom line is there is absolutely no way that a large, modern financial institution like a Canadian bank or a large credit union could escape FATCA.” Meanwhile, the Toronto Star reports that Canadian border officials plan to share personal data of travelers with other federal departments. The move is part of a new Canada-U.S. border data exchange program. “With this system, it is a blank cheque to the Big Brother,” said one immigration policy analyst, who added, “Where you go and when you go becomes government property.”