It really kicked off post-2008 when the government began looking for extra sources of revenue. The IRS and DoJ tried to come down hard on Americans with undeclared assets overseas, including laws like FACTA and an increased pressure to have overseas firms register with the SEC, which has made foreign banks wary of taking on US customers.
Quote from: Meta Cognition on April 12, 2016, 03:53:11 PMIt really kicked off post-2008 when the government began looking for extra sources of revenue. The IRS and DoJ tried to come down hard on Americans with undeclared assets overseas, including laws like FACTA and an increased pressure to have overseas firms register with the SEC, which has made foreign banks wary of taking on US customers.What penalties could the US possibly impose on the foreign firms, though?
Quote from: rc on April 12, 2016, 03:54:35 PMQuote from: Meta Cognition on April 12, 2016, 03:53:11 PMIt really kicked off post-2008 when the government began looking for extra sources of revenue. The IRS and DoJ tried to come down hard on Americans with undeclared assets overseas, including laws like FACTA and an increased pressure to have overseas firms register with the SEC, which has made foreign banks wary of taking on US customers.What penalties could the US possibly impose on the foreign firms, though?Nobody really knows how something like FACTA could be implemented. So far, the withdrawal of non-US financial services has been entirely voluntary; banks are doing it precisely to avoid whatever the US government might have up its sleeve. Increased scrutiny, by itself, is something banks with large amounts of foreign assets would want to avoid.
Quote from: Meta Cognition on April 12, 2016, 04:02:55 PMQuote from: rc on April 12, 2016, 03:54:35 PMQuote from: Meta Cognition on April 12, 2016, 03:53:11 PMIt really kicked off post-2008 when the government began looking for extra sources of revenue. The IRS and DoJ tried to come down hard on Americans with undeclared assets overseas, including laws like FACTA and an increased pressure to have overseas firms register with the SEC, which has made foreign banks wary of taking on US customers.What penalties could the US possibly impose on the foreign firms, though?Nobody really knows how something like FACTA could be implemented. So far, the withdrawal of non-US financial services has been entirely voluntary; banks are doing it precisely to avoid whatever the US government might have up its sleeve. Increased scrutiny, by itself, is something banks with large amounts of foreign assets would want to avoid.That makes sense lol. What's your opinion on the US's strict rules? Do they do more harm than good?
Americans and foreign banks
