Instead of – or along with, outrage – let me propose another reaction for French companies: Compliance. Specifically, I propose that French business leaders equip their companies to succeed in the international economy.  French companies involved in cross-border transactions know, and have now seen, that they will have to play by rules set by parties outside of l’Hexagone. The U.S. sanctions regime, overreaching or not, is a reality. Sophisticated sanctions such as prohibiting U.S. Dollar clearing on sanctioned country transfers, are a reality. French companies, like all others reaching into the global marketplace, can greatly benefit by understanding and preparing for such foreign regulations. By looking outward, understanding the terrain, and planning to navigate within the applicable legal framework, companies can continue to grow and prosper without risking violations – particularly violations that are so enormously costly to company and country

TORONTO — A year after Ottawa expelled the consul-general of Eritrea to put a stop to a money-making scheme his regime had set up in Canada, the dubious “diaspora tax” program appears to be continuing undeterred. Under the system, the Eritrean consulate in Toronto tells expatriates they must hand 2% of their wages to the repressive African regime. The setup is part of a strategy that “routinely involves threats, harassment and intimidation,” according to a United Nations report.Foreign Affairs officials have repeatedly warned Eritrea to end the practice. Last month, as a condition for maintaining a diplomatic post in Toronto, Eritrea agreed the consulate would not have any role in the solicitation and collection of taxes.

Expect to hear a lot of criticism of Rand Paul. Mr. Stack is speaking once again.

http://www.foreign.senate.gov/hearings/treaties-06-19-14

http://www.foreign.senate.gov/hearings/watch?hearingid=754236b6-5056-a032-5290-2ff36c720941 Starts at about 18:40.

You’ve just been named by your financial firm as a responsible officer under the US Foreign Account Tax Compliance Act, or FATCA for short.

Should you hand in your two-week notice, take the job in stride, or brace– and protect yourself – from hefty operational and legal liabilities?

Those are the decisions and options now faced by potential FROs, or thousands of high-ranking officials working outside the US, who have been tapped by their financial institutions to help comply with the controversial FATCA legislation.

FATCA Responsible Officers: Be Careful, Very Careful

What could be the consequences to a Responsible Officer making a false certification under FATCA?

PwC looks at building effective internal controls and processes to promote compliance and (RO) certification

Seems to me lots of money spent in set-up — there must be something to this implementation of FATCA IGAs in Canada and other foreign countries. Wonder how many new “Responsible Officers” job titles and opportunities have been added to the world’s foreign financial institutions, corporations and where that FRO would stand in the pecking order of Board of Directors, CEO, CFO, etc.

Our own Noble Dreamer in the news. Wall Street Journal reports:

Expatriate Americans Break Up With Uncle Sam to Escape Tax Rules

By LIAM PLEVEN and LAURA SAUNDERS

“Ms. Moon is among record numbers of Americans cutting ties. U.S. offices abroad reported that 1,001 U.S. citizens and green-card holders had renounced their allegiance in the first three months of the year, according to Andrew Mitchel, a lawyer in Centerbrook, Conn., who analyzes Treasury Department data. That figure puts 2014 on track to top last year’s total of 2,999 renunciations, he said, which was the most since the government began disclosing the data.”

This dates back to April, but I have not seen it reported on IBS.

The Canadian Bar Association has filed a submission on bill C-24 which echoes our concerns with respect to legislation implementing the FATCA IGA. The submission stops short of calling the relevant provisions in C-24 unconstitutional, saying only that it “implicates” s. 15 of the Charter:

Targeting dual nationals for citizenship revocation results in differential treatment based on ethnicity or national origin and therefore implicates section 15 of the Charter. Canadians from countries that do not recognize dual nationality would not be subject to the provisions. However, Canadians whose ancestors came from countries that recognize dual citizenship and pass citizenship to generations born abroad would face the prospect of revocation. Entire ethnic or national communities would either be subject to the provisions or not. Gradating the rights of Canadians on the basis of the laws of another state creates different classes of citizens. It is unfair and discriminatory. (p. 19)

The submission of the Canadian Bar Association is available full-text here:
http://www.cba.org/CBA/submissions/pdf/14-22-eng.pdf

Bill C-24 is now in final stages of passage in the House of Commons. To become law, it must also be passed by the Senate and signed by the Governor General.

Hilary Clinton speaking in Toronto live now – Watch it here: Updated / Recorded Version: Hillary Clinton speaks at Toronto Region Board of Trade, June 16, 2014

— U.S. Citizen Abroad (@USCitizenAbroad) June 16, 2014

This is amazing.

Update

These seminars will include discussion and analysis of the IRS “relaxed opportunities” for people to come into compliance.
 

“If only I had known known about these rules earlier …

This session will focus on the problems of investing and retirement planning for U.S. citizens abroad in general. It will operate as both:

– possible solutions for those already mired in the process

Who: John Richardson, B.A., L.L.B., J.D – CitizenshipSolutions.ca
Where: Downtown Vancouver, 1010 Richards Street Richards & Nelson, Gallery Condo Building, Amenity Room, Entrance at REAR of BLDG on lane. Metered parking on street or lot at Richards & Smithe. Canada Line – Yaletown stop. Expo & Millenium lines – Granville Station.
When: Sunday, June 22 11:00 am – 1:00 pm
Admission: $20 individual or $40 for a family of up to four people (to cover costs)
Hope to see you and your families on June 22. Spread the word!

Michael Maloney makes a distinction between “currency” and “money”. Currency is issued by government. Money has always been gold or silver. He outlines in the following video how various currencies dominate world trade only for a short time before they collapse and something else takes over. At the end of World War II, the US dollar became the dominant currency, and for the first time ever in history, the world had one reserve currency. Today, in Maloney’s view, there are various events which are bringing the greenback’s status as the world’s reserve currency to an end–nails in its coffin.  One of those nails is FATCA.  See at 18:00 minutes in: