FATCA. it has been called, “The Worst Law Nobody Has Ever Heard Of.”
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets. -IRS.GOV
Foreign Affairs expert, Jim Jatras joins us to talk about the many problems with this law that sets a bad example of forcing countries to obey our internal laws with threats of sanctions; a two way street. It was used by the Obama Admin to “fund” other programs they passed, but, to date has greatly under performed expectations and will soon cost more to enforce, then it collects.
James George Jatras is a specialist in international relations, government affairs, and legislative politics. Prior to joining Squire Sanders in 2007, he was a partner with another Washington DCbased law firm. Before entering the private sector he served for many years (1985-2002) as a policy adviser and analyst for the Republican leadership in the U.S. Senate; before that (1979- 1985), he was a U.S. Foreign Service Officer with the US Department of State, with service in Mexico and in Soviet affairs and public diplomacy.