We have discussed here and at Brock much of what is in Now Lebanon’s article FATCA’s Security Problem. I think this is the first article I have seen with it all in one piece.
The author Michael Young is the opinion editor for The Daily Star in Lebanon. He certainly “gets” FATCA. I wonder if he is a “US person” there.
He writes of the privacy issues for American citizens and spouses, “abusive” burden on financial institutions and difficulties in accessing banking in some countries.
Mr. Young says FATCA is “a case of America throwing its global weight around.” Plus:
The civil liberties implications are profoundly disturbing.
For a country obsessed with the security of its citizens in the aftermath of the 9/11 attacks, such behavior is paradoxical, indeed astonishing.
At a time when American embassies regularly issue advisories to citizens to guarantee their safety, we are seeing the IRS asking institutions abroad to gather the most sensitive facts on Americans, with no oversight. The irresponsibility is breathtaking.
IRS would not dare replicate FATCA in the United States.