Sunday, January 18, 2015

Remember Facta? Now meet the IRS database to manage everyone’s bank accounts

When Congress and the the President sought to institute a measure of capital controls on the people of the United States, and keep the public from rushing outside the country to move their money for protection, they came up with a scheme known as FACTA.  FACTA is the Foreign Account Tax Compliance Act, and under this draconian piece of legislation is the demand on any foreign bank that does business with the U.S., or utilizes SWIFT to trade in dollars, that they must provide the Internal Revenue Service all personal and financial information on any America having an account outside of the U.S..
The ramifications of this became felt almost immediately as foreign banks began closing customer accounts and halting any future programs that allowed Americans to transact, invest, or deposit money offshore.
And on Jan. 13, the next phase of FACTA came online as the IRS announced the initiation of a database to monitor in real time customer accounts of sovereign and foreign banks.  Known as the International Data Exchange Service, this colossal repository will now treat anyone with a bank account as a suspect and person of interest, and assume guilt no matter if any financial crime or evidence of tax evasion has occurred.

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