It is in this same perspective that the Bank of Mauritius and the MBA have recently set up a Joint Working Group to evaluate the impact of FATCA on banks in Mauritius. On a concluding note, may I draw your attention to the fact that so far, the US is the only country which taxes its citizens on the basis of nationality.
Interestingly, outgoing President Nicolas Sarkozy has recently announced that should he win the presidential elections, France would also tax its citizens on the basis of nationality. So it might well be that FATCA which had been accused of being “a kind of US backward imperialism”, might become the new reality, the new norm.