This system will be fully functioning by spring of 2015. US persons should be fully informed of this procedure by that time.
Follows is information about events which should be considered versus your personal safety. It is up to each individual to determine if he/she is comfortable with this situation in these locations. This is not new information–this system has been developed during the course of 4.5 yrs in conjunction with the US Treasury and these governments.
If you are a US citizen, please be aware that many unstable governments have been deputized to hold your most personal and private information, such as your social security number, local identity number, bank asset values, bank account numbers, address and telephone number. Please be aware that there are little (if any) demands as to how this data shall be stored and communicated.
This is valid for any “US person for tax purposes” who is identified in any country of the world. A US person can be a US citizen, a holder of a US visA (“Green card”), a US-owned business, and any family member or business who might be sharing financial resources and financial signature authority with a US person.
Intergovernmental Agreements (IGA’s) have been made with a large number of foreign governments, who have been enabled, entrusted, and deputized with critical personal information about all US persons.
Some sensitive countries to note are Armenia, Hong Kong, Iraq, Nicaragua, Moldova, Paraguay,Taiwan, Algeria, Azerbaijan, Bahrain, Barbados, Belarus, Cabo Verde, China, Colombia, Croatia, Cyprus, Dominica, Dominican Republic, Georgia, Grenada, Guyana, Haiti, India, Indonesia, Kosovo, Kuwait, Malaysia, Panama, Qatar, Saudi Arabia, Serbia, South Korea, Thailand, Turkey, Turkmenistan, Ukraine, United Arab Emirates, Uzbekistan
You may discuss this issue with your US embassy. However, please be aware that it was the embassy that implemented this and negotiated this.
Some background information follows at the address where this is originally posted
Please do your best to spread this information via all communication channels, such as facebook, twitter, and letters to Congress.
For those that remain as active US citizens, a sample letter to your Congressperson can be copy-pasted from this:
Where do I buy the t-shirt with the target on the back?
Will the FATCA data be as insecure as that at the Obamacare portal?
Even banks in Libya, Sudan and get this, the Palestinian territories, are data-mining their records for traces of US indicia to be FATCA compliant.
US persons living and working in such areas are normally advised by the US State Department to keep a low profile. Now the US Treasury via the State Department is co-opting the local banks and local authorities world-wide to help them hunt for and shake down every last American.
But don’t fret, the US says if you are captured by terrorists or kidnapped by narco-gangs they will send in the Marines to rescue you (cough, bullshit, cough). Of course, that is if you sign a paper upon being rescued promising that you’ll reimburse Uncle Sam for the courtesy.
And don’t forget Pakistan, former home to Bin Laden.
Sudanese banks to implement US law targeting tax evasion
Pakistan Warns Banks To Register For FATCA
Central Bank of Libya discusses FATCA compliance
Association of Banks in Palestine – U.S. Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions
Robert Stack is probably going to get a medal for this.
Yes, Stack probably will be given an Ambassadorship to Canada as a reward.
FATCA is coming to IRAQ and ISIS is already there!
Thanks for that article @Walter. Apparently the US does not care what happens to US citizens/duals in Iraq, Iran, Syria, etc.
“…In Iraq, no IGA has been signed, but the Central Bank of Iraq (CBI) is pushing banks to comply. “There will be a lot of teething problems about disclosure and transparency, and lots of Iraqis are dual nationals so it will have an affect,” said a source at the CBI who requested anonymity.
Curiously Syria, in the midst of a conflict and international sanctions, is considering playing ball with the US. “The central bank has formed a FATCA committee to decide what to do, but I’m not sure if they can sign an IGA due to [US] sanctions,” said Dr Paul Morcos, founder of the Justicia law firm and President of the Banking Commission at the Beirut Bar Association. In Iraq, no IGA has been signed, but the Central Bank of Iraq (CBI) is pushing banks to comply. “There will be a lot of teething problems about disclosure and transparency, and lots of Iraqis are dual nationals so it will have an affect,” said a source at the CBI who requested anonymity….”…
‘FATCA – Region preparing for Uncle Sam
Forthcoming US rules loom large over Middle Eastern banking sectors’
April 30, 2014 by Paul Cochrane
Off-the-top-of-my-head thought: most U.S. sanctions laws (e.g. Iran, Cuba, Libya) allow Treasury to forbid a bank from acting as “an agent of the United States” or as a custodian of government funds. A FATCA FFI agreement requires the FFI to perform certain functions of a withholding agent. Thus I suspect a sanctioned bank should not legally be able to sign up as an FFI unless Treasury first rescinds the sanctions against it.
On two separate occasions, I’ve noticed sanctioned entities on the FFI list (a Cypriot/Tanzanian bank and a Gulf branch of an Iranian insurance company). I don’t recall Treasury rescinding the sanctions against either of those.
Conclusion: Robert Stack may be violating Treasury regulations and deliberately associating with entities known to be involved in the financing of terrorism. Better send him to Guantanamo and interrogate him enhancedly to make sure.
Banks are just falling all over themselves to sig up for FATCA, even banks in sanction countries. And I guarantee that the US will be all too happy for those banks to data mine their records for traces of US indicia.
With FATCA, FBAR and CBT, the US has truly created the perfect model of “totalitarian” financial control for authoritarian governments all over the world to emulate.