FATCA Envy Spreads Across Hemisphere

Thanks to FATCA (the Foreign Account Tax Compliance Act), the IRS is now receiving important data on formerly hidden bank accounts, but tax administrators in other countries aren't so fortunate. Their enforcement efforts are stymied by a lack of information on offshore income. As the current spat between Colombia and Panama illustrates, revenue officials around the world are being stricken by a strange new condition: FATCA envy.