“FATCA forces EVERY foreign bank and financial institution IN THE WORLD to share information about their depositors with the Treasury Department.
And if these foreign banks refuse to comply? You guessed it. They’ll lose access to US dollars.
We’ve continued to see the US government rely on this tactic more and more over the past ten years; in 2015, for example, the Treasury Department famously hit French bank BNP Paribas with an $8.9 billion fine.
BNP’s egregious crime? They were doing business with countries that the US government doesn’t like– countries like Cuba and Iran.”