Monthly Archives: September 2014

Q: In the #FATCA Regime, What’s an American Worth ? A: Priceless

With US-Treasury bounties on US citizens at the world’s banks & govts, we calculate market value of an American.

We’ve discussed in the previous article that the 2010 HR 2847 Jobs for Mainstreet Act (or FATCA) placed a bounty upon US citizens. But how much is that bounty? The answer varies, depending if it is a government, a bank, or it might be a loose individual with a thumb drive.

Governments: Look first at UK, where there might have been some problems with a few US Homelanders not telling the US government exactly what they were doing. This was used as an excuse to put a bounty upon ALL of the US citizens living in UK. The census says that there are 177,185 of those pesky little US citizens there. Since they are all suspected of being criminals according to the US crime unit FINCEN, the US Treasury and UK signed an Intergovernmental Agreement (IGA) where UK agreed to ferret out all of them living in UK. This effort cost UK’s banks more than 1 billion GBP. A hefty sum. Using simple division, that makes an American in UK worth about $9150.

Looking to Australia, it’s hard to imagine that any US Homelander might want to send their money to Australia to avoid taxation. This makes it quite obvious that the Us Treasury is simply in Australia to ferret out the dual citizens living in the land of Oz. Their government documents were quite explicit. Australia use $482,680,000 to ferret out 77,000 US citizens (54% of whom are duals). To the US and Australian governments, That makes an American worth about $6270 (USD).

Due to synergy effects, an American in Canada comes cheap. Again, there are no Homelanders inside USA sending their money to Canada to avoid taxation. Canada has estimated its FATCA compliance cost at about $1 billion. The number of US citizens resident in Canada is difficult to estimate—it could be one or two million US citizens needing to be identified and located. In Canada, a US citizen might be worth barely more than 500 bucks.

Let’s move to a financial institution in Sweden. The first Qualified Intermediary financial institution which has registered with the US Treasury is Anticemex. It’s hard to imagine how much this one company spent upon FATCA compliance, when so little of its business is in financial products. But Anticemex does offer some insurance products to homeowners, to protect them against homeowner problems. It’s insurance is a side offer in its main business–which is to inspect and treat homes which are infected by dampness, fungus, algae, mildew, termites, or rodents. There is really no telling how much a US citizen might be worth to them. However, we know that customers will pay just about anything to get rid of rats.

Let’s move to the Middle East. Here, there are few governments that are directly involved with their Intergovernmental Agreements with the US Treasury. Instead, the Treasury has been focusing directly upon the individual banks and the US compliance companies located in the region. Treasury has made several trips (Jesse Eggart on at least one trip to Qatar). Here, most or many of the banks are not secular, they are listed as being Islamic. Jesse and his Treasury reps explained to a few hundred representatives of these banks, as to how they were required to ferret out the US citizens living there. And, as in the last article, we see that he has been successful in recruiting 55 bounty hunters in Iraq, 19 in Yemen, 11 in Afghanistan, and 7 in Libya.

In the middle east, it becomes more difficult to calculate the bounty upon any US citizens found at any of those banks in the region. However, we can look at even greater potentials for increasing the value of an American. It takes no imagination at all to envision what is bound to happen here. There is absolutely no instructions for data integrity within the US FATCA demands upon the world’s banks. The only thing that banks must do is to identify US persons, and to collate and store their bank account numbers, social security numbers, bank account values, and their addresses and phone numbers.

There are countless ways for data to leak out of the bank. Simply, any middle level employee may take his FATCA laptop home with him on public transportation, where it is a sure bet for normal theft. Any lower-level IT administrator can easily slip the information onto a thumb drive, and deliver it for cash to any bad guy in the region. Any potentially-corrupt upper officials with unlimited access may use these lists of US persons in any context that corrupt officials do.

In the Middle East regions, personal FATCA data upon US persons can be used a number of ways in the underworld.

It’s easy to see that US citizens in the region could be identified for terrorist actions, either with or without ransom. Those who grew up in the Middle East, but may have acquired US citizenship in US by birth or acquisition are candidates for problems from both their governments and from the population.

Identity theft with the US is a huge problem. Social security numbers are used to gain US credit cards and to empty existing bank balances. They are also used to file false US tax returns and to receive tax refunds in the name of the victim. The value of an American in the Middle East could be infinite.

Next, it must be realized that FATCA was intended to be implemented everyplace in the world that is not USA. This includes places like Nigeria, where banks are struggling to implement FATCA without an IGA. Here, it should be obvious that these banks with limited budgets can leak out data in any form. Nigeria is a center for all of the financial scams imaginable and also known for kidnappings. Dual Nigerian/US citizens are vulnerable as are the many US workers in the Nigerian oil industry. The value of an American in Nigeria could be as much as you might be able to imagine.

When thinking about the media talk about security of the US, security of the homeland, and the great concern for US citizens of the Mideast, it seems unfathomable that the US Treasury is implementing law for banks in troubled countries to ferret out US citizens. But they are.

US Treasury’s bounty value of an American in UK? $9150. An American in Australia? $6270. In Canada? barely 500 bucks. In Iraq or Nigeria? Priceless

The 2010 US Congress, the Sitting Administration, Treasury Dept & IRS Trust Al-Queda and ISIS–Because They Don’t Trust US Citizens

Has Treasury deputized the Moderate Al Queda & ISIS rebels while hunting down US citizens?  Seems so.

A law by the 2010 Congress, called FATCA (HR 2847, The HIRE Act, or “Jobs for Mainstreet Act”), has required all of the banks of all of the world to search out which of their resident customers are of American descent.  They are required to look for indicia of their US birthplace within existing records.  New customers at all of the world’s banks are required to acquire evidence whether their customers have been born in USA.

The latest and most up-to-date information about FATCA was recently assembled by a supporting branch of the minority party in the USA, and stored here:

It’s highly unusual that any country’s laws would have affect in all of the countries of the world and all of their banks.  However, in this US law, all financial institutions are threatened with 30% sanctions if the rules are not followed. These sanctions are meant to be passed on to the affected US citizen.  The sanction is not refundable.  These sanctions act as a bounty upon finding any US citizen in any bank in any country of the world.

One might wonder why a US-government bounty upon a US citizen might ever have been envisioned by the 2010 Congress. It can’t be rationalized but it can be explained.  As new costly programs have been introduced and as the source of government loans dries up, desperation has kicked in to find new money somewhere. The easiest political method was for the majority government to create the necessary propaganda against new taxation objects who could not defend themselves in media or Congress. Additional propaganda was created both domestically and internationally to create the belief that Congress was creating a law strictly to catch sophisticated domestic tax evaders hiding money in offshore accounts,without mentioning that they were really after US citizens living outside.

What better way for this congress to create “Jobs for Mainstreet” then by shaking down all US citizens living overseas?

FATCA is packaged with a previously-dormant demand upon US citizens to be taxed while outside the USA.  USA’s law is unique to the rest of the world, who only tax those that reside within their borders.  US had also, in practice, followed that norm, by ignoring those outside USA who were not filing.  Another dormant rule requires ALL US citizens to report their assets yearly to a US crime unit called FINCEN.

FATCA’s planned take was calculated to capture new income in a few ways.   Let’s hope that most US domestic citizens are honest, and that few have truly been hiding money overseas.  Those that get caught should be caught according to normal enforcement procedures.  However, the real money is made by finding US citizens overseas—the ones that had previously been left alone. The payback to the Treasury is a small amount of back taxes BUT A HUGE AMOUNT OF PENALTIES, which might range to 300% of the total assets of a US person overseas. This establishes 2010’s motive to place a bounty upon each US citizen found.

Let’s look at who what banks and where have been deputized by the 2010 Congress. It’s easy–it’s everywhere in the world with no reservations.  Any bank anyplace that wants to deal in US securities or have financial relations with any other bank which might deal in US securities.  Therefore, every bank in every country of the world has been deputized by the 2010 Conress and the standing Treasury dept to search out US citizens and to threaten to sanction 30% of any questioned asset, without refund.

First realize that the Administration and the media are telling you that Finland, Sweden, and New Zealand need to have these controls—because Americans are sending their money there in order to avoid taxation.

Next, realize that banks in other countries have been deputized to bounty-hunt US citizens.  Let’s look in the database of qualified institutions at this location.

There are no banks in Syria who have been certified yet.  However, there are 7 banks in neighboring Lebanon who are currently bounty-hunting US citizens.  This is the country where ISIS fighters are harboring during the times that they are doing R&R from the war efforts.

Iraq has 55 banks which have been Treasury-deputized to search out and find US citizens.  Afghanistan has 11 banks who can do the same.  Imagine that the 2010 Congress and administration have enabled,  entrusted, and demanded banks in war-torn countries to search out US citizens. Nearby Yemen, which only has periodic drone stricks has 19 certified US-citizen certified bounty-hunting banks.  Libya, whose war is said to be over, has only 7 authorized bounty hunting banks.

Ukraine is still functioning as a country and supposedly does not have US actions underway.  There are 201 certified FFI bounty hunters located there.  It is not stated whether the bounty hunters are located in the Ukraine controlled areas or the Russian controlled areas.

Breathe a little easier. There are no FFI bounty hunters listed in the Evil Empire country of Iran, and North Korea isn’t even listed.  For some reason, neither are there banks in Cuba who have volunteered to bounty hunt US citizens.

Russia seems to not be cooperating with the sanctions against it, however 897 of its banks have signed up to do the administrations bounty hunting.  At this time, we have only minor squabbles with China over a few territory excursions and some trade issues, they have 577 certified bounty-hunting institutions.

A few others on the list are kidnapping-prone Nigeria: 82, Sudan with a little war of its own: 6, and the country that we love to disagree with, Venezuela: 63.  And then there is Kosovo, which it seems that we have separated and “stabilized”, they have quite a few certified institutions, but the administration isn’t sure whether they want yet to say that they have decided to seced it.

So, there you have it—the list of all of the banks of the world that the 2010 Congress has deputized to bounty-hunt US citizens.  A number of them are in ISIS and Al Queda regions.  Does that Congress and this administration believe that they’ve only hired “moderate” bounty hunters in these locations?

Now you understand the logic of the 2010 Congress and the existing administration of the United States.  They have deputized  governments in dangerous regions.  They trust bank personnel in Yemen, Afghanistan, Pakistan, Sudan, Burma, and Iraq to bounty hunt US citizens—that they don’t trust.

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All respect deserved.