by Nick Giambruno, Senior Editor
You’ve likely heard that unknown hackers recently attacked Mossack Fonseca, a law firm in Panama that helps people set up offshore companies and bank accounts. They later leaked 11.5 million documents.
Almost immediately, central economic planners at the G20 and OECD—international organizations of the world’s largest economies—took advantage of the “Panama Papers” incident to shove GATCA down the world’s throat.
GATCA is a new “global standard” for the automatic exchange of financial information between governments. It’s modeled on an overreaching U.S. law, FATCA, which forces every financial institution on earth to give the IRS information.