The French Senate has turned down a motion passed by the National Assembly to limit the type and amount of data France and financial institutions in the country share with the US under the Foreign Account Tax Compliance Act (Fatca).
On 27 July, the National Assembly voted in favour of a resolution which would have restricted the US’ ability to impose its extra-territorial legislation.
But merely a week after the vote, the Senate overturned the decision by passing an amendment which virtually deleted the one lawmakers previously agreed on.
Fabien Lehagre, president of the Association of Accidental Americans, told International Adviser: “This amendment adopted by the senators is a very bad signal because it removes the article which aimed to stop the sending of US person information to the United States, while the US would not apply the Fatca agreement in a reciprocal way.
“This will reassure the United States that scaring countries and banks with sanctions is a very good way to win.”
