Nigel
Green, founder and CEO of deVere Group, one of the world’s largest
independent financial organizations, has launched a Washington, DC-based
lobbying and media campaign to repeal the Foreign Account Tax
Compliance Act, or FATCA.
Enacted
in 2010 by a Democrat-controlled Congress and signed into law by Barack
Obama, FATCA is virtually unknown to most Americans but has been
wreaking havoc with the global financial system outside the U.S. Touted
as a weapon against “fat cat” tax evaders stashing funds offshore, FATCA
is instead an indiscriminate information dragnet requiring all non-U.S.
financial institutions (banks, credit unions, insurance companies,
investment and pension funds, etc.) in every country in the world to
report data on all specified U.S. accounts to the IRS.
If
any country refuses to comply, FATCA provides for its financial sector
to be hit with crippling penalties that will tank its economy.
FATCA,
says Green, is “an extraterritorial diktat that burdens other
countries’ financial institutions and their clients, which violates
other countries’ sovereignty, and which is detrimental to their
consumers and taxpayers.”
He
continues: “FATCA turns law-abiding, middle-class Americans living
overseas, of whom there are approximately eight million, into financial
pariahs,” leading to record numbers of U.S. citizenship renunciations.
With
Obama in the White House doing away with FATCA was virtually
impossible, despite repeal bills introduced by Sen. Rand Paul (R-KY) and
Rep. Mark Meadows (R-NC). “FATCA is a textbook example of a bad law
that doesn't achieve its stated purpose but does manage to unleash a
host of unanticipated destructive consequences,” states Sen. Paul.
But
now, with Donald Trump’s election and a GOP-led Congress expected to
pass a comprehensive tax reform package this year, the situation has
changed.
Most importantly, the 2016 Republican Platform calls for FATCA’s repeal,
denouncing the law’s “warrantless seizure of personal financial
information without reasonable suspicion or probable cause” and its
threat to the “ability of overseas Americans to lead normal lives.”
As
his co-leader of the Campaign to Repeal FATCA, Green has turned to
former U.S. diplomat and longtime Senate leadership staffer Jim Jatras
of the media and government relations firm Global Strategic
Communications Group (GSCG). Jatras, a leading authority on FATCA, edits
the online publication RepealFATCA.
com, which is dedicated to getting rid of what he calls “the worst law most Americans have never heard of.”
On
Green’s initiative, Jatras is assembling a team of experienced DC
professionals to push the repeal effort over the top. “Nigel’s deciding
to step up to the plate is just tremendous,” says Jatras. “Billions of
dollars have been wasted worldwide complying with FATCA, billions of
words have been written complaining about it. Now it’s time for action.
When that tax bill gets to President Trump’s desk, we want FATCA repeal
in it.”
For more information on FATCA and the Campaign to Repeal FATCA, contact GSCG, below.
www.RepealFatca.com