FATCA – The worldwide end of Bank Secrecy? The Swiss CFA Society 2012 debate June 27th, 2012 – Geneva

This is a very interesting video of a FATCA discussion in Switzerland in June of 2012.

Dick Harvey – AKA – “Mr. FATCA” participated in the this discussion/debate. His comments on the experience are interesting and are referenced in an earlier post – where I noted that Obama has closed dialogue with U.S. citizens abroad. The relevant part of this post was:

Mr. FATCA hears us! The message of from U.S. citizens abroad seems to be getting through in other ways too. You may recall the public meetings on FATCA that took place over two evenings in June 2012 in Switzerland. The most high profile was Dick Harvey who was one of the primary architects of FATCA. On August 1 he published his thoughts on the meeting which included a recognition of the problems that FATCA is causing for U.S. citizens abroad. Harvey writes:

From a policy perspective, the question is: What should be done about the problems facing U.S. citizens abroad?

His thoughts are worth reading. Isaac Brock poster “Innocente” notes that:

The entire article is worth reading but I would like to mention footnote 10, which I initially missed. It seems to indicate that a delay in the FATCA roll-out might be necessary, although possibly for an insidious reason – to allow time for the roll-out of the first phase of GATCA:

“10 Some, such as the group American Citizens Abroad, argue that FATCA should be repealed. Although I believe American citizens residing abroad have a legitimate concern, it does not justify throwing the baby out with the bath water — FATCA should not be repealed. At most, it could be delayed while governments work out a multilateral system that would require reporting for customers of many different countries.

Who is Dick Harvey anyway? The following comes from a post at the Isaac Brock Society. (Read the comments too.)

Today I got curious about who actually designed this horrific albatross around our necks called FATCA. I found out that one responsible person is J. Richard (Dick) Harvey, who proudly says he was one of the architects of FATCA. He has published an article that discusses his perception of FATCA, how it came to be, issues with it and what he sees as recommendations needed to make FATCA successful. His article consistently refers to “tax cheats” (29 times), and there is no discussion of how this would affect regular, normally law-abiding people.  He argues extensively for GATCA. His paper, Offshore Accounts: Insider’s Summary of FATCA and Its Potential Future’ can be found at:


He is the Distinguished Professor Of Practice at Villanova University School of Law.

His email address is published, and is: rharvey@law.villanova.edu

I’m wondering if anyone wants to take on trying to contact him and get him engaged, as I know I am not the right person for something like this.

At any rate, throwing it out there in case someone’s interested.

Finally some additional comments on the June 27 debate, including ACA’s Jackie Bugnion and Dick Harvey  were reported at the Isaac Brock Society.

1 thought on “FATCA – The worldwide end of Bank Secrecy? The Swiss CFA Society 2012 debate June 27th, 2012 – Geneva

  1. Christine Concepcion

    Hello. I am a student at the University of Connecticut, and I am writing an essay on FACTA. By any chance, do you have a transcript of this meeting? It would be a tremendous help to my research.


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