Posted on February 13, 2012 by zucchero81 Posted in Issues regarding US persons abroad 10 Comments It seems Flaherty and Carney are raising more objections both with FATCA and the Volcker rule. Jim Flaherty steps up to object to U.S. banking rule Share this:TwitterFacebookEmailLike this:Like Loading...
The Institute of International Finance (this is the global association of financial institutions) had this to say on January 25, 2012 regarding FATCA. The highlighted emphasis is mine:
We believe that the Financial Stability Board (FSB) should, as a matter of urgency, examine the financial stability issues raised by FATCA and mandate the development of a global framerwork for addressing tax evasion which would avoid the pitfalls created by it, in particular the potentially detrimental effects on the global payments system. Such a multilaterial framework, which might ultimately be endorsed by G20 Ministers and Governers and implemented at national levels, would be a more effective way of addressing the complex and important issue of tax evasion than any national initiative where the benefits are not shared globally.
Guess who chairs the Financial Stability Board. Mark Carney, Governor of the Bank of Canada.
Take that America!
@omg Is there a link for that excellent quote?
Yes Petros, here is a link to the letter in pdf format:
Here’s another quote I liked from the same letter linked to above:
There are also good reasons for believing that provisions of FATCA contravene, or at least are at odds with the spirit and intent of, the existing network of international tax treaties.
Thanks for posting that link. Barbara has done some pretty good reporting on these issues. You might send her an email and thank her! I did.
This is EXACTLY what I’m saying about how the US changes the rules of the game whenever they want to. Treasuries are exempt because they need someone to buy their paper.
Hey, what do you think Peter, buy US debt? Is it a good investment? 🙂
The Financial post has now made this their lead story (big headline). I wonder. We’ve given them 64 hits so far. May be with the addition of our traffic, they have decided it’s a pretty popular story. 🙂
@ geeeez US debt? It’s right up their with Cote d’Ivoire bonds in my opinion.
In the future I am not going to have as much time post here as I have done in the past. Having said that I when I saw today’s headline in Globe and Mail I literally screamed JESUS CHRIST Flaherty is actually going to take those bastards on. This is going to be real real interesting. Again I can’t predict the future but I think we have a real fight on our hands.
I noticed several provincial governments including those in British Columbia and Ontario have also sent letters to the US indicating they fully stand by the Federal Canadian Government in this manner(Canadian Provinces don’t tend to stand behind the Federal Government in much of anything other than war). Here is a link below to a letter from BC Deputy Premier and Finance Minister Kevin Falcon.
Here is a link to Ontario’s letter to US.
I believe Dwight Duncan, the Ontario Finance Minister and Deputy Premier also recently blasted the US position on the Volcker Rule in a recent interview with Bloomberg