Putting FATCA in context of jurisdiction – the U.S. cannot exert jurisdiction over the territory of NZ, so the U.S. is arguably in breach of this very fundamental principle of international law through the specific provisions in FATCA that implicate foreign finance institutions (FFI’s). In my view, FATCA impacts jurisdictionally on NZ despite assertions from Officials who claim that FATCA does not breach NZ’s sovereignty because:
Earlier this week Mark Hubbard (Laissez Faire Capitalist) wrote about the monstrosity of the Foreign Account Tax Compliance Act (FATCA). In it, he queried why those on the Left who staunchly opposed the GCSB legislation were appallingly silent on FATCA – an equally (if not more) intrusive piece of legislation passed by the U.S. government that implicates NZ.
I think its a fair claim made by him, and I will attempt to give a position from my point of view as a Left identifying person, noting that this is my personal opinion and not intended as a reflection of general left wing thought in NZ.
My view is that FATCA is undeniably intrusive and a threat to the privacy of New Zealander’s and in fact all persons who are citizens of OECD countries because Officials in NZ have indicated a willingness for FATCA to be emulated internationally as part…
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