Very good work being done by those at the Accidental Americans FB group. Fabien Lehagre posted this today.
Good Afternoon –
Please find below the links to the final report (original in French and a rough translation in English) from the French Ministry of Foreign Affairs of the French Commission on US Extraterritorial Overreach which includes FATCA (Foreign Account Tax Compliance Act) and the US practice of Citizenship Based Taxation and the adverse effects on French citizens who are Accidental Americans and French/American nationals which was published today. I have also added the link for the video presentation of the report (in French).
I have also attached a summary both in French and in English of the French Commission’s findings.
ROUGH ENGLISH TRANSLATION
INTRODUCTION 9
I. EXTRATERRITORIAL: EXTERNAL PERCEPTION OF “NO PROBLEM” THE AMERICAN PERSPECTIVE
A. EXTRATERRITORIALITY, VIEWPOINT QUESTION
B. DESIGN SOME OF THE ROLE OF LAW
C. CONFLICTS OF AGGRAVATED BY BLOCKING CURRENT POLITICAL SYSTEM
II. ISSUES OF CERTAIN EXTRATERRITORIALITY US LAWS
A. THE ECONOMIC AND FINANCIAL ISSUES
B. ISSUES POLITICAL AND DIPLOMATIC: THE DANGER OF COUNTER-PRODUCTIVE, INCLUDING THE AMERICAN PERSPECTIVE
III. ANALYSIS OF LEGAL EXTRATERRITORIAL LAWS OF US
A. GENERAL FOUNDATIONS OF LAWS TO REACH EXTRATERRITORIAL
B. PRACTICE: KEY “INPUTS” US LAWS OF EXTRATERRITORIAL
C. AMERICAN PRACTICES OF ACTION IS BASED ON UNCERTAIN CRITERIA, METHODS OF INTRUSIVE, OR ABUSIVE
IV. A POLITICAL AND LEGAL IN FRANCE AND EUROPE DO NOT POSING LIMITS extraterritoriality AMERICAN LAW
A. NO POLICY “CONVINCING” REPRESSION OF INTERNATIONAL CORRUPTION MAY LIMIT THE INTRUSION EXTRATERRITORIAL AMERICAN
B. RECOGNITION OF THE APPLICATION OF FRENCH FATCA TO ADVERSE SIDE EFFECTS: THE PROBLEM OF “AMERICAN INCIDENTAL»
C. THE EMBARGO AND INTERNATIONAL SANCTIONS APPLIED BUT MAINLY EUROPEAN AND SANCTIONED NATIONWIDE
V. RECOMMENDATIONS OF THE MISSION: WEAPONS EQUAL TO PLAY
A. DEMAND RECIPROCITY AND EQUAL TO ACQUIRE WEAPONS TO FORCE POLICY CO-
B. THE EMBARGO AND ECONOMIC SANCTIONS: STRENGTHENING OF EUROPEAN MEDIA AND CLARIFICATION REQUIRED WITH DIPLOMATIC THE UNITED STATES
C. THE NECESSARY TOOLS TO ACQUIRE THE MEANS TO BE “WEAPONS TO EQUAL”
D. ANOTHER TRACK COOPERATION: INTERNATIONAL NEGOTIATIONS IN PARTICULAR THAT OF THE TRANSATLANTIC PARTNERSHIP, THE OFFER THEY FORWARD OPPORTUNITIES?
CONCLUSION
SUMMARY OF PROPOSALS
CONTRIBUTION OF JACQUES MYARD
WORK OF THE COMMISSION
APPENDIX 1: LIST OF PERSONS INTERVIEWED BY THE MISSION
APPENDIX 2: LETTER UNAI
VIDEO PRESENTATION OF THE REPORT (FRENCH)
See also:
Vive la France !!!
The land of freedom and human rights !
USA is just a Bully.
This is a beginning and possibly a good one. At least the French Assembly committee recognizes a problem
However , be very sceptical that anything will change.
There are ‘solutions envisaged for Accidental Americans’ on page 112.
The proposed solution is the same as the one in Mr.Obama’s budget proposal for 2016 that went precisely no where. It had to do with those born as duals who had never done anything to act as Americans and who would be given 2 years to exit the system with no strings . We discussed this at the time and it was wishful thinking.
The second part has to do with trying to obtain real as opposed to fake reciprocity.
Most of the report has to do with commercial interests. There is thin gruel indeed for the likes of us.
All roads lead to renunciation. Sauve qui pest.
Sauve qui peut.
Just amazing. If a country like France said no to FATCA- how many others would have the courage to follow? Nobody LIKES it. Everyone feels robbed- and their treasuries ARE being robbed. When will it click? When Canada`s retirees demand money from the government to live because their retirement funds have been depleted because America took from them?
FATCA is like paying ‘protection money’ to the local syndicate. No one liked that either, but the financial consequences of not going along were too high.
This effort needs to be socialized among the EU, and likely taken to the UN. I notice the Butera lawsuit seems to be stuck . . . it’s only when governments go after sanctions against the US that things will be taken seriously.
This is a great development. I’m looking forward to reading it in its entirety when I’m on stable internet. I’ll just have to read the many insightful comments for now.
This report has surfaced in the English-language press, via Reuters.
http://uk.businessinsider.com/france-slams-us-over-judicial-extortion-of-corporate-europe-2016-10
The article is correct. The report focuses on CORPORATE Europe. There are only crumbs for individuals.
Yep. Interesting though.
“US law appeared to be more punitive toward foreign firms than domestic ones”
YES
Is it only now beginning to dawn on people what a double standard the USA is using? What about the now biggest tax haven on Earth: USA.
The hypocrisy is just so mind-blowing. I never understood why BNP had to pay 9 billion to America in the first place. For a US sanction against Iran?
@Polly
I don’t think they had a choice, the BNP money was already being held as a pass through payment in the US.
off-topic but important: in the latest Wikileaks just out, one big Compliance condor, Joseph Smaloover at the law firm Bryan Cave, calling FATCA “republican propaganda” to John Podesta.
Here is the email from Wikileaks:
https://wikileaks.org/podesta-emails/emailid/5733
This paragraph in the Reuters article is highly relevant:
See http://fortune.com/2016/10/09/credit-suisse-tax-probe-employees/
@socrates – Sorry to be slow but could you explain the significance?
Google says Smallhoover was formerly a DNC member. Isn’t he just giving a former colleague a headsup about the legal case? Or am I missing something?
So it turns out it was Joseph Smallhoover who submitted an amendment on FATCA reform to the Democratic National Convention Platform Committee. Amendment was passed almost unanimously. Clip on C-Span:
https://www.c-span.org/video/?c4610640/fbarfatca-reform-amendment
@iota: Podesta is hardly just “a former colleague”. It shows, like everything else, FATCA decisions by the Hillary administration will be influenced by Compliance industry donors. No surprise here, but just reinforces the point.
You think?
To me it seems more like a pi$$ing contest, though no doubt with added political allegiances.
Smallhoover’s a Democrat activist, Haugen’s a Republican activist, they’re both based in Paris and both very aware of the anger FATCA is creating and the damage it could do to the Democrats come election time. Which Haugen would like to capitalize on, and Smallhoover would like to mitigate. Haugen gets his op-ed in the New York Times, Smallhoover sees it and flags it up to Podesta, and soon the Democratic Platform is getting an amendment promising FATCA reform.
Not such a bad thing. At least it means both Platforms acknowledge the need to do something about FATCA, even if nothing comes of the promises.
@Heidi
Aha! Thats like kidnapping. Terrible.
@iota
Yes, it is good to know that they are taking the possibility of Americans abroad voting Republican seriously. I think Mike Lee could become one of the stars of the Republican party once it recovers.
@socrates
Very significant yet subtle reference to the FATCA/FBAR lawsuit.
For a long time the Democrats/Democrats Abroad/Their instigators on Twitter etc. would only refer to the suit at the FATCA suit (having a go at Bopp etc.). They could not refer to it as the FATCA/FBAR lawsuit. (even though only 1 of the 8 claims were against FBAR but importantly FINCEN was named – the suit is against FINCEN as well). This all is a big signal to me that the suit should always be referred as the FATCA/FBAR lawsuit and even FBAR/FATCA would be good.
FBAR rules assumes guilty until proven innocent and has massive fines even when no tax is owed and even for say an account of $1 value not reported – all not imposed on US residents for their local accounts.
Other naming: May we (at least some of us) agree to start calling FATCA One-Way FATCA as if that is the true name of it.
I was referring to the Wikileaks e-mail: https://wikileaks.org/podesta-emails/emailid/5733
@socrates, thanks for finding and posting that wikileaks link of the email ;
From: *Smallhoover, Joseph*
Date: Wed, May 13, 2015 at 1:34 PM
Subject: FATCA — Some Republican Propaganda already
To: “John D. Podesta (john.podesta@gmail.com)”
“… My point in sending this to you is to call the Campaign’s attention to an issue that the Republicans are going to be beating on constantly for the next two years in the hopes of bringing in cash and motivating overseas Americans to vote Republican. For a number of people, FATCA is a very hot button and will get them out when they have previously been passive….”
I think this is the Smallhoover;
DAF Chair
http://www.democratsabroad.org/joesmallhoover
and this is the Podesta;
https://en.wikipedia.org/wiki/John_Podesta
Now I wonder if we can find mention of the Canadian lawsuit on wikileaks?
And of the French commission?
Try sifting through these wikileaks results, which was a search for the keyword FATCA inspired by the find by @socrates (see comments above);
https://search.wikileaks.org/?q=fatca
It’s too bad, Canada, who should have been a leader in this, chose not to have a spine. I guess it’s because living right next to the elephant, it’s too easy to get squashed if one takes a stand.
Pity…should have fought the War of 1812 over again.
@ The_Animal
http://www.veteranstoday.com/2016/03/02/its-the-geopolitics-stupid/
I hate to think Denis Rancourt’s dismal assessment of Canada is true but after seeing our government genuflect to its US master when FATCA was declared, I’m reluctantly nodding my head in at least partial agreement with him.