US Ambassador to Canada Jacobson to join BMO

This is an incredible story. Ambassador Jacobson is best known for his amazing “70 year old Grandmas” speech in Ottawa on October 18, 2011.

“When I read all of this I was concerned. So last week I called the Commissioner of the United States Internal Revenue Service to see what we could do. I explained the problem to him.

The result is that both he and I are sympathetic to the concerns. We are going to work together to see if we can’t find a way to accommodate grandma — and others — here in Canada. But we have to figure out a way to do it without letting the person who is trying to evade taxes in the Cayman Islands off the hook.

My message on this one is to sit tight. We are not unreasonable. We are not unsympathetic. We are not irresponsible.”

David Jacobson – U.S. Ambassador to Canada – October 18, 2011

Does this suggest a coziness between the U.S. government and the Canadian banks at the beginning of the U.S. attempt to impose FATCA on the world. You know, to get the world to sing in perfect harmony?

Is there any impropriety here?

2 thoughts on “US Ambassador to Canada Jacobson to join BMO

  1. expatami

    How sad. Why not focus on protecting the grandma so that she is not harmed by the person who is trying to evade taxes in the Cayman Islands? David Jacobson has it reversed.

  2. badger

    Maybe ex Ambassador Jacobson should become BMO’s FATCA Responsible Officer (RO)?
    ..”If financial crime compliance professionals think that becoming the FATCA Responsible Officer (RO) at their non-US financial institution is an easy way to a career boost, they should read the latest “Notice” from the US Treasury Department-Internal Revenue Service. They will see there is nothing easy about the job they aspire to. The Notice also included a draft agreement the foreign financial institutions (FFIs) would be required to sign.

    Buried in the Treasury and IRS 38-page, single-spaced document called the “Draft FFI Agreement,” are several pages listing the duties the RO will be required to perform. They are not light. The Treasury Department issued a press release saying it will have the final version of the agreement by December 31, 2013…”


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