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Title: Russia sees serious threat in FATCA(t) Post by: Nemo1024 on September 05, 2014, 02:32:03 PM Russia sees serious threat in FATCA
http://rt.com/business/185080-russia-fatca-serious-threat/ Quote Russia’s financial system is “threatened” by America’s new tax law that demands foreign banks report on all American citizens’ banking activities, the Russian Federal Financial Monitoring Service said Thursday. The head of the financial monitoring authority Yury Chikhanchin likened the one-sided data exchange to turning Russian banks into spies for the Americans. ... The Russian financial watchdog believes the American tax law is itself a form of sanctions. The head of the authority believes that such mechanisms can exist, but should be multilateral. Originally Russia planned a bilateral information exchange with the US over FATCA after the law was passed in 2010 but the US Treasury Department suspended negotiations with Russia in March 2014 over the Ukrainian conflict How conveniently timed for the US that Ukrainian conflict just jumped up, reaching for a cookie. More and more US benefits from the conflict are becoming apparent... A reader comment, which actually sums up Russia's hopes for the West over the last few centuries: Quote RGRG123 russia and putin always hope to be accepted by the west as an equal and respected partner but the west never look at russia or putin similarly. in the eyes of the west, russia is a certified back water, a lawless place, bandit countries populated by uneducated and uncultured barbarians, regardless of how wrong the preception is. simply put, the west looks at russia and russian with contempt. russia is so obliging to this FATCAT thingy but come to think of it, why should russian banks obliged if it does not do business in the usa ??? why should the russian authority agree to and sanction it ??? why are russia and putin soooooo meek and lame when it come to western/american demands ??? And another good one, saying what to do :) Quote nothread Follow China. China is thriving with investments opportunities. As a result, the biggest Hedge Funds in China are always been sought by American investors. Once FATCA enacted, China began to refuse American investors. The money is send back to sender. Russia should begin sending back their money and apologizing for the inconvenience. Jen Psacki said that "Russia is NOT part of the international community". They seen as inferior people in Washington. "I'm serious". This is teached at american schools. When you kid you hear stories of American superiority.. " we won ww2"..."Russians were starving we fed them and gave them weapons".. germany lost because of the weather".. Ask if " Do Moscow weather last nearly 4 years? You get kicked out and sent to wash face or something. LOL Title: Re: Russia sees serious threat in FATCA(t) Post by: pawel7777 on September 05, 2014, 08:50:05 PM Quote On June 30, just before the deadline, Russia signed a law that allows Russian banks to share the tax data of American clients with US tax authorities, but participation isn’t mandatory. Seems like a smart move. They didn't agree nor disagree, just let the banks to decide. Although I don't get why didn't they just say 'fuck off' to FATCA. Are they afraid that US may officially forbid they're citizens/companies to keep funds in Russian banks? Title: Re: Russia sees serious threat in FATCA(t) Post by: countryfree on September 06, 2014, 10:51:23 AM It's not a threat, it's a loss of sovereignty. Russian banks should have nothing to report to a foreign government. That's what the Swiss were saying, but they finally agreed to cooperate with the Americans, with the sad result that most Swiss banks nowadays do not accept American customers, simply because they want to avoid problems.
Anyway, I doubt there are many Americans with a bank account in Russia (unless they are of Russian descent). I'm not even sure you can have a bank account in a foreign currency in Russia. Otherwise, with the ruble falling down, it's better to move the money somewhere else. Even the Russians don't trust their banks, all the rich had a bank account in Cyprus. That didn't turn out good, but that's another story. Title: Re: Russia sees serious threat in FATCA(t) Post by: Balthazar on September 06, 2014, 06:38:46 PM I'm not even sure you can have a bank account in a foreign currency in Russia. Currency doesn't matter, you can create account which is nominated in any currency. http://i062.radikal.ru/1409/20/4d17bc743891.png Even the Russians don't trust their banks, all the rich had a bank account in Cyprus. Your information is a bit outdated, all those who had bank accounts in Cyprus don't have it anymore. :DTitle: Re: Russia sees serious threat in FATCA(t) Post by: EternalWingsofGod on September 06, 2014, 09:56:27 PM Quote On June 30, just before the deadline, Russia signed a law that allows Russian banks to share the tax data of American clients with US tax authorities, but participation isn’t mandatory. Seems like a smart move. They didn't agree nor disagree, just let the banks to decide. Although I don't get why didn't they just say 'fuck off' to FATCA. Are they afraid that US may officially forbid they're citizens/companies to keep funds in Russian banks? Sound about right why should the Russians need to hand over all their personal financial information to the Americans Who they are not in friendly terms with right now. Also the Americans should reciprocate the agreement which they didn't so in my opinion the USA got off with some kindness from the Russians. Title: Re: Russia sees serious threat in FATCA(t) Post by: countryfree on September 06, 2014, 10:00:37 PM I'm not even sure you can have a bank account in a foreign currency in Russia. Currency doesn't matter, you can create account which is nominated in any currency. http://i062.radikal.ru/1409/20/4d17bc743891.png Even the Russians don't trust their banks, all the rich had a bank account in Cyprus. Your information is a bit outdated, all those who had bank accounts in Cyprus don't have it anymore. :DNo, I'm not outdated on anything financial. I wrote "HAD" a bank account in Cyprus. I know they don't have it anymore, but I'm glad to learn Russians can have an account in $. I'm also used to hear Russian when I'm in Switzerland. Many Russians are banking there, too. Title: Re: Russia sees serious threat in FATCA(t) Post by: countryfree on September 06, 2014, 10:03:41 PM Quote On June 30, just before the deadline, Russia signed a law that allows Russian banks to share the tax data of American clients with US tax authorities, but participation isn’t mandatory. Seems like a smart move. They didn't agree nor disagree, just let the banks to decide. Although I don't get why didn't they just say 'fuck off' to FATCA. Are they afraid that US may officially forbid they're citizens/companies to keep funds in Russian banks? Sound about right why should the Russians need to hand over all their personal financial information to the Americans Correction, Russian banks shall only hand over data regarding their American customers. And I bet there are not many American customers in Russian banks. If they don't do so, those Russian banks may lose the right to do any kind of business in America. |
