Portugal’s data protection committee against FATCA

Portugal’s data protection committee (CNPD) has come out strongly against FATCA (the Foreign Account Tax Compliance Act), which will see “mutual assistance” between Portuguese and US tax authorities to ensure that less people get away with being “FATCAts” in future. The new law came into effect last month, and data should start being “mutually shared” in 2015. Britain, Ireland, Denmark and Switzerland have already signed similar deals, but CNPD claims it does not satisfy Portugal’s data protection law, nor does it guarantee confidentiality.