My wife is a US/CA tax specialist in Canada. She is also a US citizen. She has always filed her US returns and FBARs as required by law. FATCA only forces the banking institutions to ask their clients if they are US citizens and then reports those accounts to the US. However, the majority of her clients are just the average working class citizens who are making under $100k and many under that who have to report their retirement plans, etc. If someone is going to hide money, it sure isn't going to be Canada and this is costing many US citizens thousands to get caught up with filings and/or taxes. Those hiding money will find another way to hide their money. I think the millionaires who are hiding money should be paying but it is casting a LARGE net and causing undue hardship on the little guy..... AGAIN.