Zurich is home to many of Switzerland's largest banks, which are bristling at US requests for banking data. Via Storm Crypt/Flickr
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What this means is that US agencies, including intelligence bureaus like the NSA, wouldn't have to seek this information out themselves—under FATCA, the IRS can just give it to them. And like the NSA's various international surveillance programs, there is an absurd illogic to FATCA. This past summer, the NSA attempted to calm Americans' paranoia by saying, “Oh, we're only spying on foreigners," as if to say that mass foreign surveillance was, on principle, okay if US citizens weren't the targets. FATCA has a similar, if mirrored, argument at its core, with the US telling the banking world to live by its rules because it says it's only gleaning data on US taxpayers.“I don't see any theory of legal jurisdiction here at all,” remarked Jatras. “Suppose that China or France forced American companies to comply to a similar law that would be very expensive, and punished non-compliance with economic sanctions—would that make it legal?” Indeed, there would be a collective "piss off" from US politicians if the tables were turned."Suppose that China or France forced American companies to comply to a similar law that would be very expensive, and punished non-compliance with economic sanctions—would that make it legal?”
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