We were recently contacted by a group called Financial Repression Authority, who say they are ‘a research firm focused on macroprudential policies representing risks such as ring-fencing regulations (TATCA)’. www.financialrepressionauthority.com.
They included a YouTube link for an interview with John Richardson, mainly speaking about FATCA. As always, John is very articulate and factual and I enjoyed listening to it.
Financial Repression Authority’s introduction to the interview:
“Gordon T Long Interview of John Richardson on FATCA .. John Richardson is a citizenship lawyer with a focus on FATCA .. this is a U.S. regulation which forms a component of macroprudential policy around ring-fencing of capital – FATCA imposes 30% witholding for any payments originating from the U.S. going to overseas banks or accounts if those banks or specific end-destination acccounts are not “compliant” with FATCA reporting requirements .. this podcast covers: How citizenship taxation has made U.S. citizenship a disability in the modern world .. How the U.S. “Exit Tax” triggered by renouncing U.S. citizenship operates to confiscate non-U.S. assets outside the U.S. .. discussion on the capital controls nature of FATCA ..” 38 minutes
A student at Carleton University has asked if we would allow him to use our blog to find volunteers for a study on the experiences of American/Canadian duals and former American/Canadian duals. Lynne and I have agreed to this, and we are very interested in the results. I’m not going to say much more, as the student, James Eastman-Timmons, will provide an introduction. I will say that I checked the Carleton U site and did some Googling, and did confirm that the professors who he listed as being on the ethics board who approved the project really are on the board, and that James has a profile on linkedin.
I hope many of us do take him up on this as, from my perspective, it’s an opportunity to help educate and inform a whole new set of people, who may, after this study comes out, join us in our fight.
Our service provider is planning some maintenance tonight. Service could be intermittent between 10pm MST and 12pm MST.
I ran across a column today in the Philippine’s Business Mirror, by John Mangun, “Fatca: A breach of Philippine sovereignty?”.
He’s essentially saying the same thing we have been saying in Canada. It’s good to see that some people in other countries are paying attention.
“The US government is, in effect, telling nations like the Philippines that their laws are not important and that other countries must serve American interests before their own. The fact that it costs more money for Philippine banks to comply with Fatca does not bother the US. The fact that foreign companies may be hesitant to invest in countries like the Philippines because of these additional and arbitrary financial-reporting requirements also does not worry Washington.”
He ends his column, with this,
“In any case, Fatca’s underlying agenda has been accomplished. Don’t even think of messing with Uncle Sam.”
I thought it was a good overview of FATCA and it’s impact. Good work, John Mangun.
Today I emailed the following letter to my MP – Blake Richards Member of Parliament (Wild Rose Alberta).
Dear Mr. Richards
In the past month I have done two things you should know about, as my elected Member of Parliament:
1. I donated money to help fund a lawsuit against my own government to protect my rights as a Canadian citizen.
2. I vowed never to vote Conservative again.
As my elected official you should know that I believe that my government has taken the easy way out by placating the United States, and the big banks, rather than standing up for individual Canadian rights. And the consequence of that is the loss of my vote, and something I would never have thought feasible – my donation to a lawsuit to challenge my own government.
As a member of the Standing Committee on Public Safety and National Security, you should know that millions of Canadian citizens are now at risk for identity theft. As of July 1st, Canadian banks are forced to send the private information on ‘suspected US persons’ bank accounts, and those of their spouses and business partners, to the CRA. That information will then be sent on to the IRS, which has been repeatedly in the news about security breaches.
Are you not at all concerned that a foreign government will have the personal information on millions of Canadians?
Are you not at all concerned that millions of Canadians are at risk to have large financial penalties imposed by a foreign government?
Are you not at all concerned that millions of Canadian will have to take the onerous steps to relinquish or renounce US citizenship, creating a drain on finances, as well as health?
Are you not at all concerned that respected and renowned Canadian lawyers believe that the FATCA IGA is in violation of Section 15 of our Canadian Charter of Rights and Freedoms?
Mr. Richards, I am writing to you, not only to express my concerns, but to give you an opportunity to tell me what you are doing to protect the rights of Canadians in your constituency from a foreign government. If you want a chance to win back a voter, this is the time – tell me how you will protect Canadians like me – law abiding, tax paying Canadians – from the might of the United States government who are enforcing their laws in my country.
On behalf of the millions of us affected by FATCA, and by our Canadian government’s betrayal of our rights, the very brave Virginia Hillis and Gwendolyn Deegan have filed the lawsuit that we are hoping will force our government to protect our rights as Canadian citizens and residents.
It’s been quite newsworthy that these two women had the gumption to take on our government, and that two very renowned lawyers, Joe Arvay and David Gruber (of Farris LLP) have been retained.
It’s well worth reading some of the more recent posts and articles, to keep an eye on what is happening in the US regarding FATCA – as we’ve learned to our dismay, that what happens down there will ultimately affect what happens up here.
Forbes has published a piece by James George Jatras, in which he says. “The trouble is, FATCA doesn’t authorize Treasury to make these agreements with foreign governments, nor are IGAs treaties that will be submitted to the Senate for advice and consent.”
Jack Townsend, on his blog ‘Federal Tax Crimes’, posted the letter responding to a US congressman question on whether the IRS/Treasury Dept can legally enter into these agreements with other countries. http://federaltaxcrimes.blogspot.ca/2014/07/irs-letter-to-congressman-defending-its.html
And, finally, Allison Christian’s post analyzing the legality: http://taxpol.blogspot.com.au/2014/07/irs-claims-statutory-authority-for.html
Although Ms. Christian’s post is speaking to the legality, it’s very readable and should make the signer of that letter, Alastair M. Fitzpayne. hang his head in shame for not undertaking the proper legal research. (That’s the charitable version, others think it was simply an out and out lie).
She says, “Instead of citing non-existent statutory authority that is easily refuted by simple reading, Treasury should own what it is doing outright.”
Every day I am thankful we have such prominent, knowledgeable and well respected people shining the spotlight on FATCA and the IGAs.