"This a modern day "Doomsday" Book, the same as William the Conqueror Implemented in 1066 after conquering England. He needed to know where the wealth was so he could tax it"
"This is Not Really About Tax There are Easier Ways to Solve Tax Tracking - Its about a Common Reporting Standard. Its about the ability to track Capital"
"FATCA is a decoy for the Common Reporting Standard"
"There is an incredibly aggressive urgency of implementation - an unprecedentedly quick agreement between 57 governments"
Either to Tax it , Expropriation it or Control Its Free Movement
"Era of Banking Secrecy is Over!"
"A Complete Misunderstanding by Banks"
NEW ACRONYMS IN THE ERA OF FINANCIAL REPRESSION
FATCA - Foreign Accounts Tax Compliance Act
GATCA - Global Account Tax Compliance "Acts"
CRS - Common Reporting Standard
IGAs - Inter Governmental Agreements on FATCA
AEOI - OECD's Automatic Exchange of Information
AML/KYC Procedures - The term “AML/KYC Procedures” means the customer due diligence procedures of a Reporting Financial Institution pursuant to the anti-money laundering or similar requirements to which such Reporting Financial Institution is subject.
There will also be considerable customer backlash to FATCA and the documentation it requires. In the age of social media this matters, if this sounds like hyperbole please have a look at this URL
At a most basic level FATCA, the IGAs and the CRS are about making tax part of standard KYC/AML procedures and then reporting, for tax purposes, to those jurisdictions, in which the account holder has tax residence or citizenship.
Gordon T Long is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. Of course, he recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.
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