Sorry, but some of your assertions are entirely untrue. Account Declaration laws have been increased exponentially in Title III of the PATRIOT Act — it has EVERYTHING to do with the PATRIOT act, Bank Secrecy laws are almost irrelevant considering they were overhauled and exponentially increased in 2001— I suggest you read it. Here’s a link
Read Sec 312 to 318 — and if you read the text of FATCA it makes many references to the PATRIOT act. I mean, if you’re going to make an argument, I suggest you research before pointing out actual inaccuracies.
Here’s the text of FATCA, which I also suggest you research
Correspondence between PATRIOT §312–18 and FATCA §501–22 are clear and stark, and if you read Treasury Guidance on policy diligence — it’s really clear and easy to understand.
You are also very out of touch with how we are perceived by other countries, here’s a list of countries that have ratified FATCA regulations — notice how every important country in the world, including our geopolitical enemies, have found it in their best interest to combat money laundering and tax evasion through universalizing declaration requirements:
All your evidence is anecdotal, and completely unexpounded by fact. True, some dual citizen Americans renounced their citizenship — but in the world stage, that is so small compared to the great international financial agreements that have come forth through IGA harmonization and legal universalization. There are disgruntled citizens, but every big change has disgruntled people — and considering the vast evidence against your international “crying wolf”, it just is absolutely insignificant compared to the gravity of the good internationally that has come about through such harmonization efforts.
About FBAR penalties, I don’t think you understand FBAR at all — there are 4 systems of FBAR penalty
- Pattern of Negligence
- Non-willful violation
- Willful violation
Any account found in negligence as per FBAR regulations may only be fined up to $500 AFTER being sent an FBAR warning (Letter 3800) and given a FY to rectify their negligence of FBAR laws. Non-willful violation (which is basically “accidentally forgetting” to report a certain account) levies no penalty the first time as the violation is outlined in another letter 3800, afterwards — one is levied a $10,000 penalty. If you’re ignoring FBAR regulations, you are kindly and thoroughly warned through IRS Letter 3800 (except for scenario 4) before any penalties are applied, at that point, not heeding the reporting laws is entirely the fault of the filer (unless there is “reasonable cause”, yup — you can appeal).
I don’t think you understand how FBAR or the IRS works, so I suggest you carefully reconsider your positions with a more carefully considered stance.
Also — before I continue, what you consider obscene is absolutely insignificant in the scheme of evidential argumentation. What the Governments of the various countries linked above, and the Department of the Treasury, the Internal Revenue Service, and various IGAs consider wholeheartedly positive for international cooperation against financial subversion is clearly more important and works to harmonize financial diligence worldwide.
Oh — and about the rules on the “privacy of clients”, let me ask you one question — since when did the rules and charters of private companies supercede Public law? Otherwise, name me specific financial security laws that the FATCA violates? (Hint: There are NONE!) All reporting requirement concurrences on international law were rectified back in 2001–05.
Also, again — you have no understanding of legal concurrencies and jurisdictional law — the US CANNOT implement FATCA regulations on foreign countries without their consent — that’s why IGAs exist, that’s why treaties were ratified. Your argument is rooted in such a faulty understanding of financial regulatory instruments that there is little or no concurrence between your assertions and reality. Call it “gross imperialism”, and cry about it too — no one important cares about such insignificancies. If you have difficulty understanding the functions, systems and procedures for international financial litigation, I suggest you avoid talking about it.