Stopping The Subordination And Destruction Of The Swiss Banking System
The Bone Crushing Yoke Of American Foreign Policy — FATCA
By: Christopher Roman
FATCA, in a nutshell, is an agreement for multi-jurisdictional banks (globally) to share information about US account holders to prevent tax evasion. If these banks do not comply with American demands. The banks will lose access to the US capital markets.
To the typical shortsighted — nihilistic — executive within the banking industry, it seems honorable.
Why help US citizens avoid taxes?
After all, their US client base is small, and losing access to the United States markets is far worse than losing a small number of wealthy American clients. The first warning sign concerning this United States law — the request is not logical from its inception.
Given the costs for the FATCA rollout and its illogical expectation for revenue collection, what is FATCA good for? Obviously, it must have a different purpose.
The only function FATCA really ensures is that multi-jurisdictional banks agree to an American administrative process. A process of discrimination based on national origin. Objectively, FATCA is a very complex law that multi-jurisdictional banks must comply…
