4 ms·
Whoa, whoa, US can tell other countries' financial institutions to report to IRS "or else"? I think the world should be shelling DC, I mean, forget Iran and Sy
by guard-of-terra 13y ago
Whoa, whoa, US can tell other countries' financial institutions to report to IRS "or else"?
I think the world should be shelling DC, I mean, forget Iran and Syria, right?
- pekk 13y agoIt's a diplomatic issue what countries report to each other. And your suggestion is mass murder?
- guard-of-terra 13y agoWell, now you agree Iraq invasion was a mass murder? Once USA extort money going from country A to country B for failing to comply, it's no longer a diplomatic issue, that's an international crime. And it was from the day one - USA threatening financial institutions in other countries, giving orders to them directly, that's audaceous.
- geoka9 13y agoAs I understand it, the only way the USG can enforce those orders is if the financial institution has a branch/subsidiary in the US. If they don't, I think they are free to ignore the requirement.
- NonEUCitizen 13y agoI heard it tries to go one step beyond that. If Deutsche Bank has operations in the US, it falls under FATCA. BUT it is also required to not do business with some small German bank that has no operation in the US that does not comply with FATCA; i.e. DB is used to coerce the small German bank with no US operation to report its American customers in Germany to the US.
- geoka9 13y agoThis is really evil.
- Svip 13y agoActually, according to the article, foreign banks and financial institutions are now avoiding US citizens as customers because of the complications it introduces. So if you have a US citizenship, banks abroad won't deal with you.