EU says it ‘deplores lack of FATCA reciprocity,’ in document implementing tax info exchange texts

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.

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Dutch lawmakers to again address FATCA, on Tuesday

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.

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U.S. Senate's Wyden queries Swiss bank over its historic FATCA compliance of billionaire's accounts

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.

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U.S./European group claims EU discriminates by barring 'U.S. Persons' from Covid bonds

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.

PETI petitioner calls on EU to exempt EU-resident 'U.S. persons' from MiFID II/PRIIPs rules

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.

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Tax Research's Richard Murphy: The real Pandora Papers message – 'Offshore's big issue now is the fight to save democracy'

Tax Research's Richard Murphy: The real Pandora Papers message – 'Offshore's big issue now is the fight to save democracy'

The world – including its banks, cross-border financial services institutions and even many governments – has come a long way since the Richard Murphy and others founded the Tax Justice Network in around 2003...