Become a fan of Slashdot on Facebook

 



Forgot your password?
typodupeerror
What's the story with these ads on Slashdot? Check out our new blog post to find out. ×

Submission + - The US Surveillance Dragnet Extends to Foreign Bank Data, Too->

Daniel_Stuckey writes: In 2010, the US government passed Foreign Account Tax Compliance Act (FATCA), a law designed to nail American tax cheats hiding their money abroad. It tapped into the recession blame game zeitgeist, and preceded the anti-tax dodging narratives that would later emerge from the Occupy Wall Street movement. By 2014, FATCA will be fully implemented. But like many US laws, it's flawed, and those flaws aren't simply bureaucratic or procedural. FATCA's issues run parallel to the surveillance state publicly revealed in Edward Snowden's NSA leaks. The law aims to catch individual tax dodgers by forcing Foreign Financial Institutions (FFIs) to hand over client data in dragnet fashion. No surveillance backdoors are required here. The US makes Intergovernmental Agreements (IGAs) with foreign countries, allowing the IRS to demand client data from FFIs. If it isn't delivered, then economic sanctions are levied.
Link to Original Source
This discussion was created for logged-in users only, but now has been archived. No new comments can be posted.

The US Surveillance Dragnet Extends to Foreign Bank Data, Too

Comments Filter:

To downgrade the human mind is bad theology. - C. K. Chesterton

Working...