Kimbjorkland is absolutely correct here regarding this issue. Four months ago i was sitting here at the bar with four people who work for the US State Dept. inside the Tax Fraud/IRS division. they actually work for (I'll have to dig up there business card) an independant Accounting agency like Anderson's (Anderson's is out of business but it was something like this). Anyway, what their gorup did full-time was represent the US government in educating the banking industry around the world about the new upcoming banking "Transparent Disclosure" laws that will be implemented in 2012. these four people were only part of a much, much larger group of accountants and lawyers that were flying into countries and meeting the heads of banks throughout South America, Asia, Middle East, and some other places that i've now forgotten. I suffer from Alzheimers and Fistophobia. the leader of this particular group, a woman by the name of??? had already met with the heads of banks of a dozen South American countries as well as china and a half dozen Asian countires including India. She pulled out her purse and gave me about a dozen different foreign notes and gave them to me to hang up around the bar. i didn't have staples for our staple gun at the time so i took them down to the local Colmado and tried to purchase a 12-pack of President Beer with them. after being refused, i then took them home where i tried to pay the rent; even as i speak, they're sitting on the shelf next to the TV, collecting dust.
This accountant/lawyer basically walked me thru what some of compliances that will be required by banks in order to continue doing business within USA after 2012. if you do not comply with the new laws, you will not be permitted to do any kind of business, none, zero, with any US bank, period! in fact, the US will assess fines and infractions on your bank that will make it impossible for your bank to operate outside of its own country.
She explained that this was a good thing becuase, right now, many, many banks around the world are knowingly laundering drug money and funding terrorist organizations in the guise of religious charities, etc. She provided a very long list of things that i never thought of which made the transparency of the banking industry apparently, absolutely neccessary and essential.
However, there are always ways around having your money disclosed to the US government and I brought one of them up, which caused her and her co-workers to discuss them at great length for three days. And here is one of them: If you got your money in a "Finance Bank"--which are numerous on this island--and that finance bank only does business here on this island and does no international business whatsoever--including no wire transfers--then how would the US know where your money is? they saw this as a dilema!
FRank
This accountant/lawyer basically walked me thru what some of compliances that will be required by banks in order to continue doing business within USA after 2012. if you do not comply with the new laws, you will not be permitted to do any kind of business, none, zero, with any US bank, period! in fact, the US will assess fines and infractions on your bank that will make it impossible for your bank to operate outside of its own country.
She explained that this was a good thing becuase, right now, many, many banks around the world are knowingly laundering drug money and funding terrorist organizations in the guise of religious charities, etc. She provided a very long list of things that i never thought of which made the transparency of the banking industry apparently, absolutely neccessary and essential.
However, there are always ways around having your money disclosed to the US government and I brought one of them up, which caused her and her co-workers to discuss them at great length for three days. And here is one of them: If you got your money in a "Finance Bank"--which are numerous on this island--and that finance bank only does business here on this island and does no international business whatsoever--including no wire transfers--then how would the US know where your money is? they saw this as a dilema!
FRank