Its even worst than that. Read about FATCA - a total failure of US Government (politicians) implementing draconian bill that force other countries to report US

Its even worst than that. Read about FATCA - a total failure of US Government (politicians) implementing draconian bill that force other countries to report US Citizens offshore accounts back to USA. Only few politicians were against really knowing how the law will play. While those who push the law wanted all the countries involved to simply report on USC, the report itself is very complicated and confusing. Result? Majority countries that signed up for FATCA simply stopped opening USC account and shut down all accounts that belong to us citizens. Two of my friends shut down their legitimate companies in Hong Kong overnight because they didn't have bank account anymore. Another friend started working with HK citizen so that he will represent him on paper and got screwed up out of his business. Result -- discrimination against USC around the word in terms of banking and less competition around the world from us-people.