senseless 966 Posted February 27, 2013 Share Posted February 27, 2013 (edited) Foreign Account Tax Compliance Act http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act If some of you guys have multiple foreign accounts with different banks; do not be surprised if you are contacted by your bank and told that your accounts are going to be closed. As I understand it many SG, HK, AU, NZ institutions are considering non-compliance, while others are considering just not doing business with americans. Edited February 27, 2013 by senseless Link to post Share on other sites
Dolsos 504 Posted February 27, 2013 Share Posted February 27, 2013 I don't understand international law so this may be a stupid question, but how can the US pass a law forcing foreign companies to do anything, much less report private information to them? Seems an overreach to me. If that bank has branches in the US I could see it wanting to follow to make things easier and keep the gov happy, but if the bank has no direct ties to us why would they do it? Link to post Share on other sites
senseless 966 Posted February 27, 2013 Author Share Posted February 27, 2013 (edited) I don't understand international law so this may be a stupid question, but how can the US pass a law forcing foreign companies to do anything, much less report private information to them? Seems an overreach to me. If that bank has branches in the US I could see it wanting to follow to make things easier and keep the gov happy, but if the bank has no direct ties to us why would they do it? Because we have a lot of drones and bombs (not sarcastic.) Edited February 27, 2013 by senseless Link to post Share on other sites
USMC-Retired 11,014 Posted February 27, 2013 Share Posted February 27, 2013 If those banks want to keep relations with US banks and banking industry they must comply. Many said they will not comply and close accounts however that is compliance. Thus not hurting the banking they do with the US. Link to post Share on other sites
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