Many of her colleagues speaking prior as I understand were pretty pro FATCA
Additional press release comments from ALDE group(of which Ms In’t Veld is part of)
Only the EU, in a leading role, can ensure genuine international cooperation in this fight“. On FATCA, he concluded: “We cannot accept the direct application of FATCA on EU territory. Rather the EU should take FATCA as an example to develop, by democratic procedure, its own system of tax data sharing rather than importing wholesale the US one, in accordance with our own standards of data protection“.
Note: Sophia In’t Veld is part of the Dutch D66 along with two other MEP’s which in turn is part of a larger group of Alliance for Liberal Democrats in Europe which published the above release. I don’t have the Dutch translation at this point but D66 came out with a much stronger statement in opposition to FATCA.
Could it be because of her views that she’s harrassed at the US border each time she travels to the US?
Yes she is harassed every time she travels to the US. Interestingly enough she probably knows more about and travels to the US than most European politicians.
If I were only 10 years younger……
This was posted previously on Brock
At my request, the European Parliament Economic and Monetary Affairs Committee will hold a hearing on Fatca on May 28th. It will be webstreamed.
We will post the replies of the European Commission on our website, and you can equally follow us on twitter @sophieintveld
She’s a pit bull that I’m glad is on our side. Not like that dinosaur Carl Levin, whose face I can’t wait to see the last of. Here’s where he demands an apology from Rand Paul for defending Apple and suggesting that its Congress that should be on trial:
Great CBC story today about Eritrea’s ongoing shakedown of its overseas citizens … sounds familiar …
Were a couple posts deleted from this thread?
@Chris, there are some other Sophie Int’ Veld threads at IBS too;
Might that be what you’re remembering?
No, I just checked.
Thanks. I hadn’t thought of that. Perhaps that explains it.
You’re right. I was looking at the wrong thread. Thanks!
Cross-posting a new blog entry from Victoria on EU Public Hearing on FATCA.
Thanks, Chris, for crossposting. I tried to do it myself this morning but couldn’t get in. Not sure why. I would really appreciate folks spreading the word about the meeting. We are trying to get as many people to go as possible. I have no idea if we can get on the agenda or if there will be a real Q and A but we can talk to people before and after the meeting and try to get heard.
I have my train tickets for Brussels, I plan on taking LOTS of notes and I will post here and at the Flophouse about the meeting.
Victoria, members of the public attending EP committee hearings are not allowed to ask questions or intervene in any way. However, as you say, perhaps we could try to set up meetings before or after with different MEPs.
My advice is to try to talk with people before and after. Before looks better than after because the Economic and Monetary Affairs committee is continuing to meet afterwards on the subject of “Key information documents for investment products” and “Insurance Mediation.” Now my suspicion is relatively few MEP will hang around for that last session.
The goal more than anything at this point is even if through simple presence make the point that this is a subject that needs further review and discussion.
Jane, I think Tim is right and it’s going to be lobbying before the meeting. That said there are organization that could ask to get on the agenda and present. That would be ideal.
Victoria, do you know if ACA will be attending? Or maybe you’ll be the ACA representation like you were for a previous meeting you attended, and be able to voice American Abroad’s concern!
Victoria will be going however from talking with her privately she won’t be putting herself forward as a speaker.
Chris, I’m going to be covering this for both ACA and AARO. That means I will try to lobby people before and after the meeting and I will make a full report to those organizations. Then I will write up my notes and post here at Isaac Brock and on the Flophouse. As Tim said, not sure I’m the right person to speak. I’m a lowly blogger (or renegade journalist) and not an tax expert. Most of all I would not want to hurt our position by being asked legal/tax questions I can’t answer in front of an EU committee.
Unless, of course, someone out there has the Cliff notes? 🙂
Many thanks for your efforts, travel and fine writing @Victoria.
Amazing what has transpired here and abroad as a result of disparate people coming together here and elsewhere on these issues. It has been a great comfort in dark hours.
Take care on your journey.
It is my pleasure, Badger. I’m so happy to be getting out of town and I’m really curious to hear what they have to say at the meeting. I’ll have company on the train if I start fading. And, of course, I will pick up lots of chocolate to bring home. 🙂
It is amazing. The silver lining in all of this is meeting so many people. I doubt our paths would have crossed otherwise. It is a great comfort and a real pleasure too.
Great interview with Sophie you will want to listen to and spread around. Just heard it on KUOW Seattle public radio as I was out mowing the lawn. Thought I would come in and post it.
Here is my tweet..
Great interview with @SophieintVeld on @TheTakeaway on EU anger over US NSA #Prism Data mining http://bit.ly/13AmB7R
European Union Angered by N.S.A. PRISM Program
Public outrage continues over the revelation the N.S.A. has been surveilling internet data of companies like Google, Microsoft and Skype. But that outrage is not limited to U.S. borders.
There are now concerns that the N.S.A. PRISM program could complicate talks for a free trade agreement between the E.U. and U.S. that were expected to begin next month. U.S. companies have been pushing for fewer restrictions on cross-border data flows, which are highly regulated in Europe.
The news of the PRISM program has, for some European lawmakers, transformed troubling demands from American businesses for less restrictive data requirements into unacceptable data hoarding by the U.S. government. Sophie in’t Veld, a Dutch member of the European Parliament, explains why.
I wasn’t sure where to put this, so I picked a European thread. I found this statement by an Austrian politician very interesting. It have cleaned up the google translation. The Transatlantic Trade and Investment Partnership is a big deal for the U.S. and Europe, but quite controversial. It is interesting that the Austria Party Team Stronach is taking this issue on.
FATCA – Stronach / Nachbaur: Austria’s banks should not become stooges of the USA!
The bank agreement shows the direction in which the Transatlantic Trade and Investment Partnership aims: the total gagging and usurpation of our enterprise by the United States.
Vie n n a ( O T S ) – It is of course within the rights of the United States to control compliance with the tax obligations of its citizens who have accounts abroad. Austrian banks should not become stooges of the United States, however, as is the case under the FATCA agreement.” warns Team Stronach chairwoman Kathrin Nachbaur . She demands not only that the opposition parties decide to vote in plenary next week against FACTCA, “but also the banks’ representatives in the ranks of the Austrian People’s Party”, according to Nachbaur.
The FATCA law obliges the United States banks, insurance companies and other financial service providers outside the United States to inform the Internal Revenue Service in the United States on all taxable persons who hold an account with them. If national legislation prohibits institutions from automatically transmitting the banking information, banks shall – according to the desires of the United States – levy a withholding tax of 30 per cent – or close the account. In case of refusal of a financial institution to implement FATCA, they would lose access to American capital markets.
Intergovernmental Conventions to discover tax evaders are quite common. “But what the United States has in mind here is the complete disempowerment of our banks and in view of the threatened penalties we have a foretaste of what to expect in Austria and Europe with the free trade agreement TTIP. The total gagging and usurping of our enterprise through the United States ” said Nachbaur.
See latest from MEP in’t Veld of EU Parliament;
Answer from EU to her latest written questions re FATCA and reciprocity and data security:
Answer given by Mr Moscovici on behalf of the Commission (16.9.2016)
FATCA and the related IGAs are bilateral agreements between the US and other countries, including Member States, and are not directly within the competence of the Commission. However, the automatic exchange of information can only be effective in fighting tax fraud and evasion and preserving the level playing field if implemented on a global scale. The Commission is therefore currently working in international fora – Organisation for Economic Co-operation and Development, Global Forum and G20 – to promote its global reach and ensure that the agreements, including the IGAs, on automatic exchange of financial account information meet the highest transparency standards and are fully reciprocal.
The Payment Account Directive (Directive 2014/92/EU ) obliges Member States to ensure that credit institutions do not discriminate against consumers based on their nationality, or place of residence or by reason of any other ground as referred to in Article 21 of the Charter in the provision of payment accounts under Article 15. Besides, the Directive also establishes a right of access to a payment account with basic features for all consumers legally resident in the Union in its Article 16. In each Member State, payment accounts with basic features shall be offered to consumers by all credit institutions or a sufficient number of credit institutions to guarantee access thereto for all consumers in their territory, and to prevent distortions of competition.
Following the expiry of the deadline for the transposition of the Directive (September 2016), the Commission will assess how the Directive’s provisions, including the ones mentioned above, have been transposed in all Member States, and will not hesitate to initiate infringement proceedings in case of non- or incorrect transposition. “