Thanks to its implementation of the 2010 tax evasion prevention law known as FATCA, the U.S. is now "a hypocrite on international financial crime," Bloomberg, the major global media organization based in New York, has said, in an Editorial Board opinion piece it published on Friday. 

Proposed regulations that would require U.S. banks to report their customers' account information to the Internal Revenue Service on a regular basis have been widely criticized in the U.S., not just from the bankers who would be required to gather and forward the huge volumes of data that would be involved, but from consumers themselves, according to media reports.

The idea that the country that introduced the Foreign Account Tax Compliance Act (FATCA) in 2010 – in order to ensure that Americans didn't use overseas accounts to avoid their U.S. tax obligations – is in the process of becoming one of the most accommodating tax havens for non-U.S. persons around the world isn't new...

The latest Tweede Kamer hearing in the Netherlands, on the fraught subject of the U.S. tax evasion-prevention law known as FATCA, revealed that progress for those dual U.S./Dutch citizens affected by it continues to elude Dutch lawmakers, according to a number of "accidental Americans" and others who viewed the two-hour-long session online.

In an 18-page document mostly containing formal texts having to do with the implementation of EU requirements for the exchange of tax information, the European Parliament has devoted several paragraphs to criticizing the 2010 U.S. tax evasion-prevention law known as FATCA, saying that it "deplores" FATCA's "lack of reciprocity," and adds that it is resulting in "the United States becoming a significant enabler of financial secrecy for non-U.S. citizens" as a result.

Sometime around 2016, the U.S. State Department increased its published estimate of the number of Americans resident outside of the U.S. to 9 million from 8.7 million, and it has yet to announce any reduction in that estimate...

This coming Tuesday, members of the Dutch House of Representatives will once again take up the issue of the American tax evasion prevention law known as FATCA, and the problems it is continuing to cause for thousands of Dutch citizens with mostly historic links to the U.S.

Senate Finance Committee Chair Ron Wyden (D-Oregon) has written to a senior official at Mirabaud, a Geneva-based bank, to enquire about the way it complied with FATCA during the time it was looking after money belonging to a U.S. billionaire, who was indicted in October, 2020, by the U.S. Justice Department for various financial offenses, including tax evasion, failure to file Foreign Bank Account Reports, according to documents posted on the U.S. Senate Finance Committee's website.

A recently-formed alliance of "accidental Americans" in the Netherlands and a group calling itself Bi-National European Investment Bankers (BiNEIB) is urging the European Parliament to end what they call the "discriminatory, fundamental rights-violating" practice of prohibiting U.S. citizens resident in the EU, as well as EU/U.S. dual citizens, from being able to purchase so-called EU SURE and Next Generation EU (NGEU) bonds.

An American resident in the Netherlands who, like many other American expats in Europe, has been frustrated by his inability to invest in the vast majority of regulated investment products because of his "EU-resident, 'U.S. Person'" status, is calling on the EU Parliament to exempt him and others in this category, on request, from its MiFID II (Market in Financial Instruments Directive II) and PRIIPs (Packaged Retail and Insurance-based Investment Products) regulations.