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European banks fight back

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gcle2003 View Drop Down
WorldHistoria Master
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Joined: 06 Dec 2004
Location: Luxembourg
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Points: 13238
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    Posted: 15 Dec 2011 at 05:05
A couple of related pieces of news from different directions indicate that resistance to US demands that foreign banks comply with the FACTA act is beginning to shape up.
(FATCA is an act threatening fines of 30% of US turnover unless banks agree to give information about all American or part American owned accounts to the IRS. In theory they had until 2013 to comply.)
One thing that happened yesterday was that a friend told me an American chairman of a European company here had just been fired, and removed from the board, because the Banque de Luxembourg refused to handle bank accounts for a company where an American had signing rights.
The second was news from Germany, passed on by a Luxembourg banker, was that an American in Germany had just been informed that his bank account had been closed. My onw lawyer had told me some time ago that Luxembourg banks would be refusing to open accounts for US individuals or companies.
I haven' heard from other countries, but Americans living and working in Luxembourg are running around like chicken littles at he implicit threat that they will no longer be emploable or able to live in Europe or other countries that adopt the same policy.
The concept however is simple enough: come compliance time, the banks can simply tell the IRS "We comply fully. However we have no accounts where Americans have signing powere or othe beneficial interests."
Citizen of Ankh-Morpork.

Never believe anything until it has been officially denied - Sir Humphrey Appleby, 1984.

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Anton View Drop Down

Joined: 23 Jun 2006
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Anton Quote  Post ReplyReply Direct Link To This Post Posted: 16 Dec 2011 at 22:27
Do American banks give information about European citizens to European countries? Not that this is important, but I am curious whether this new relationship is symmetrical.
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