U.S. government's right to know about accounts in other countries

Discussion in 'Law & Justice' started by kazenatsu, Aug 7, 2018.

  1. kazenatsu

    kazenatsu Well-Known Member

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    In 2010 the U.S. government passed the Foreign Account Tax Compliance Act which requires all U.S. citizens and residents to report their non-U.S. financial assets, such as accounts in foreign banks, to the Internal Revenue Service.

    The same law requires all non-U.S. ('foreign') financial institutions to search their records for customers who are U.S. citizens or residents, and to report the assets and identities of these people to the U.S.

    Citizens and residents have been required to report foreign cash purchases or financial instruments in excess of $10,000 held in other countries since 1970 when the Currency and Foreign Transactions Reporting Act was passed.


    Do you think government has the right to know if their citizens have foreign bank accounts?

    Could this in some ways be a civil liberties or privacy issue?

    Don't you think someone who was born in country A has the right to go to country B, earn money there, and keep assets in country B without country A knowing about it?

    Could you imagine if all those refugees coming to the U.S. fleeing horrible countries got put in prison by their native country because they didn't report to that country all the assets they owned in the U.S.?

    Maybe, for example, someone leaves the chaos of Venezuela and legally moves to the U.S. Maybe they even become a U.S. citizen. They live there for a few years and then buy a house. Then they decide to take a vacation to Mexico. The Mexicans arrest them and have them extradited back to Venezuela because all that time they didn't tell the Venezuelan government about the house they owned in the U.S.
     
    Last edited: Aug 7, 2018

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