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The Isaac Brock Society

Media and Blog Articles Open for Comments – Part 3 of 11 (Year 2016)

You can access all years at this link: Media and Blog Articles – Links for All Years

 If clicking on a comment link brings you to the wrong comment, click here  to get on the most recent page of comments.(alternatively, to reach the most recent comment page, go to  the url in the bar at the top of your browser and delete everything after http://isaacbrocksociety.ca/media-and-blog-articles-open-for-comments-part-3-of-3  )

Media and Blog Articles

EmBee suggested that it would be good if there was a thread for new articles, so that people would be aware of where to comment. So, I created this permanent page.  You could mention such articles in the comment stream for this page, or if I see one on another thread, I can copy the link to here. I’ll keep adding to the list, but not deleting, so we’ll end up having sort of a  “bibliography” of FATCA/CBT articles.  [Note:  Some articles are not open for comments]

For more articles on FATCA, enter FATCA into Google then click on the link “more news for fatca” just below the most recent featured article.

Note also: JC suggests to see #FATCA on Twitter for latest breaking news. JC finds that is quite a good source and there even are some international articles that one may read using Google Translate.” Others may help certain tweets and articles remain in elevated position by retweeting them.

Be sure to read the comment stream for this thread — there are usually very recent articles mentioned there that aren’t on this list yet.

2016.12.29
Switzerland moves further to end bank secrecy, Financial Times, UK.
2016.12.23
How FATCA Infringes and Trammels our Statehood, Stephen Kangal, Trinidad and Tobago News, Trinidad and Tobago.
Barclay’s chief preparing to take a stand against US regulators over unduly high fines to European banks, James Quinn, The Telegraph, UK.
2016.12.22
Canada refuses to name bank that broke money laundering rules 1225 timtes, Mike De Souze, Robert Cribb & Marco Oved, National Observer.
Financial Intelligence agency gave bankers head up about money laundering disclosure, Mike De Souza, Robert  Cribb & Marco Oved, National Observer.
2016.12.21
US citizens may pay double tax on Kahlon’s child savings program, Michael Zeff, Jerusalem Post, Israel.
Applying to be Swiss in the Trump Era, Steve Krump,  SwissInfo, Switzerland.
2016.12.20
File That Tax, Boom Chicago, YouTube, Netherlands.
Tijuana City Councilman Faces US Money Laundering Charges, Sandra Dibble and Dana Littlefield, San Diego Union, US.
2016.12.19
Senate Report Finds IRS Agents Living Large on Public’s Dime, Guillermo Jiminez, Tax Revolution Institute, US.
AG to UNC: Come to Parliament first – a Joint Select Committee to deal with FATCA . . ., Ria Taitt, Daily Express, Trinidad.
Rand Paul criticizes framework of tax reform plan, Naomi Jagoda, The Hill, US.

Articles from earlier 2016 are at this link

Articles from 2015 are at this link

Articles from 2014 are at this link

Media and Blog Articles  thread, Part 1 of 3, is at this link.

Media and Blog Articles thread, Part 2 of 3 is at this link.

 

2,818 thoughts on “Media and Blog Articles Open for Comments – Part 3 of 11 (Year 2016)”

  1. ‘Let’s Talk About: US Tax
    IRS Plays Dirty in OVDP ‘
    Virginia La Torre Jeker
    March 29, 2016

    “Shame on the Internal Revenue Service (IRS). In a classic case of the pot calling the kettle black, the IRS, in its incessant hunt for “undisclosed” offshore accounts, has been caught with something of its own that was “undisclosed”. US lawyers, James Gifford and Milan Patel, of the Anaford AG law firm in Switzerland recently learned of an undisclosed (or, shall we say, “secret”) IRS national policy. The policy was unearthed through the dogged determination of pursuing an IRS Freedom of Information Act (“FOIA”) request.

    The IRS’ previously secret policy metes out a very harsh treatment to certain estates that have entered into the Offshore Voluntary Disclosure Program (“OVDP”). The policy selectively denies certain estates that had entered into OVDP a deduction for the in-lieu or “miscellaneous offshore penalty” assessed in the OVDP under Title 26. ..”…………….

    http://blogs.angloinfo.com/us-tax/2016/03/29/shame-on-the-internal-revenue-service-ovdp/

  2. I’m an American living abroad. Here’s why you shouldn’t leave the country if Trump wins.
    by Leigh Shulman on March 31, 2016
    http://www.vox.com/2016/3/31/11330728/move-to-canada-do-not

    The video has humour to it.
    ‘20% of Americans would move to Canada if Trump is elected and 15% of Americans would move to Canada if Clinton is elected.’ !

    The reporter hands out forms in New York City to apply for residency in Canada and gets a number of them filled out!

    No mention of the New US Financial Berlin Wall keeping Yanks in.

    The back half of the video is Trudeau propaganda on multiculturalism.

  3. @JC
    The point about how non-Argentinians commonly bank in Uruguay because of complications in Argentina does show shortcomings of the Single Country Exception at least.

  6. The National article Tom posted contains some BAD information:

    “Fatca, the US federal law that requires American citizens to file yearly reports on non-US accounts, forgives tax liability if the account holds less than $50,000.”

  7. https://www.washingtonpost.com/opinions/time-to-rewrite-the-rules-on-cyberattacks/2016/03/27/b4d46162-f2b5-11e5-89c3-a647fcce95e0_story.html

    Another instance of why FATCA data transmission puts those deemed US citizens and ‘UStaxablepersons’ abroad in danger. It would be crazy for the US to expect that the data and personal information and how to locate US citizens/persons would be safe in several parts of the world, for instance, Iran.

    http://www.bbc.com/news/world-middle-east-24316661
    http://lawprofessors.typepad.com/intfinlaw/2016/03/turkish-national-arrested-for-conspiring-to-evade-us-sanctions-against-iran-money-laundering-and-bank-fraud.html

    And also a good argument as to why same country exception wouldn’t work in certain parts of the world.

  9. @Badger
    I think one of the reasons for Iran`s economic hard times was the fact that they were never allowed to trade in dollars. I read about Iran smuggling dollars through other venues. And under these circumstances, there was no blackmail with a law like FATCA which uses the dollar as leverage.

  10. @Polly, and what does the Obama meeting with Cuba presage for a FATCA IGA with Cuba? What does a change in the ability to use the US dollar in Cuba bring? How will Cuba react to FATCA?

    Ex.
    “March 17, 2016

    ‘Cuba Eliminates Tax on US Dollar ‘
    HAVANA TIMES — The Cuban government announced today that it will eliminate its 10% tax on the use of the US dollar on the island. The good news for ordinary Cubans and tourists alike comes in response to Washington’s new measures to further relax the economic embargo on Cuba, reported dpa news.

    “The Cuban government has decided to eliminate the 10 percent tax that it applies today on US dollars entering our country,” said Foreign Minister Bruno Rodriguez.

    He said the decision should enter into force as soon as US authorities allow Cuban state institutions to use the dollar in transactions in the United States, as announced earlier in the week”………

    “….The inability to use the dollar in international trade was to date one of the major impediments for Cuba to access markets.”……

    http://www.havanatimes.org/?p=117419

  11. http://taxprof.typepad.com/taxprof_blog/2016/04/president-obama-to-teach-con-law-class-at-penn-law-school-in-spring-2017.html

    Friday, April 1, 2016
    ‘President Obama To Teach Con Law Class At Penn Law School In Spring 2017’
    By Paul Caron
    Who cites an article in a joke issue of The Daily Pennsylvanian, and then notes;
    “Editor’s Note: This article is part of The Daily Pennsylvanian’s annual joke issue. Read more about the history of joke issue here.”

    Yes, it was April fools day.

    But what is NO joke is exactly what Obama would ever possibly teach re the constitutionality of the confiscatory penalty structure of FBAR and of the privacy, and other issues re US extraterritorially imposed FATCA.

  14. @BAdger
    It is about access to the american markets. Their economies stagnate without it, it seems. Cuba as well as Iran are “getting by” perhaps- but they want to join in the prosperity and have a more rosy future. Almost all global transactions are done in dollars still.

  15. Opportunity to comment and show how the Liberals are ‘giving away’ Canadian tax revenues via expenditures to the CRA in order to enforce FOREIGN US law ( FATCA), and in defending the Con FATCA IGA.

    ‘Liberals talk about curbing tax giveaways. Good luck with that
    Ottawa doles out some $100 billion in tax expenditures, gifts to special interests, annually

    By Neil Macdonald, CBC News Posted: Apr 03, 2016 5:00 AM ET’
    http://www.cbc.ca/news/politics/tax-expenditures-giveaways-neil-macdonald-1.3515484

  18. @Ellen D.
    A bit of a strange article, because FATCA was never drawn up to open up the sophisticated methods of the offshoring, even though it was sold to Congress as being about catching sharp operators like the Wyly brothers. One of the criticisms of it was that it didn’t do anything about shell companies. It was always going to catch more minnows than great white sharks.

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