Fatca?

[Alfrankenstein]

If an offshore bank isnt reporting to fatca, how would the u.s. govt discover someone living in the u.s. who has offshore money which hasnt been disclosed assuming they were given a debit card by such bank and theyre always using it while living in the u.s.? How could the u.s. govt discover this if the bank never reported to fatca?

 

[Sols]

Only through self-reporting by the account holder (FBAR filings) or some type of data leak. In case of suspicion, US could ask the bank or jurisdiction if anyone by the name of XYZ has an account there. Such requests may be doable under TIEA agreements or simply through the enormous geopolitical pressure US can exert.

 

[Alfrankenstein]

Only through self-reporting by the account holder (FBAR filings) or some type of data leak. In case of suspicion, US could ask the bank or jurisdiction if anyone by the name of XYZ has an account there. Such requests may be doable under TIEA agreements or simply through the enormous geopolitical pressure US can exert.

Whats the likelyhood such a slip through the cracks will go unnoticed?

 

[Sols]

Whats the likelyhood such a slip through the cracks will go unnoticed?

I'm not sure I understand what part of my post you're referring. Can you please clarify?

 

[luap]

It wouldn't be impossible for the IRS to subpoena Visa/Mastercard for a list of non-US cards used to pay in the US (and matched to banks) for John Smith, and investigate from there. They likely wouldn't do this if they had no reason to look into you, but once they have decided to, it will be hard to hide.