4 ms·
> If US banks had the same reporting requirements to EU countries regarding EU dual citizens accounts US banks wouldn’t. The reason that the EU is wary of endi
by Mediterraneo10 6y ago
> If US banks had the same reporting requirements to EU countries regarding EU dual citizens accounts
US banks wouldn’t. The reason that the EU is wary of ending up on the USA’s bad side, is that European banks rely on large New York banks for clearing international transfers. They can’t not do business with the USA. American banks don’t have the same dependency on the EU.
- throwawayiionqz 6y agoFATCA is an agreement signed between countries, not between the US and foreign banks. The US certainly has more leverage with the USD than the EU with the EURO but trade agreements are made of various things and the US cannot simply bully the EU and Asian countries with FATCA indefinitely. I can't wait to see how this plays out in the next 10 years.
- eesmith 6y agoThere's the US involvement with SWIFT, including seizing intra-EU payments - https://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication#U.S._government_involvement https://en.wikipedia.org/wiki/Society_for_Worldwide_Interban...