US Foreign Wealth Confiscation Begins Under the Code Names FinCen, FATCA and FBAR
We have been reporting on how the US government is using very nefarious and egregious methods on tracking its own citizen’s financial information, fining them and even instituting the Foreign Account Tax Compliance Act (FATCA) as a form of subterfuge capital controls which is closing off international banking to Americans (as we reported yesterday in Mexico)
FinCen, the Financial Crimes Enforcement Network, has, in essence, been making nearly any international transfers of money viewed as a criminal activity. FATCA has been making it harder and harder for Americans to open international bank accounts. And FBAR, the Report of Foreign Bank and Financial Accounts, has made it a highly punishable offense for any American with a foreign account worth over $10,000 if they do not file an FBAR each year.
The problem with FBAR is that countless Americans with foreign accounts and US expats are completely unaware of its existence. And, despite the fact that there are literally tens of thousands of rules in the US tax code for things like this, ignorance of its requirement is not excusable.
We have stated in the past that FinCen, FATCA and FBAR are all intermingled to essentially put in capital controls on the US populace and, as well, steal most of the money from those with funds abroad. In the past many said that we were being too alarmist and surely the US government would not do something like this.
Well, think again, it just happened. And it was even worse than we thought.
CARL ZWERNER JUST GOT FBAR’ED