U.S. on Course to Land on European Tax Blacklist

[Martin Everson]

The EU got balls of steel with this one. They are pushing automatic reporting of US accounts. Good luck to those who don't listen and choose the U.S to avoid CRS .

U.S. on Course to Land on European Tax Blacklist: EU Official

----quote

If the U.S. doesn’t agree by June 2019 to exchange the bank account details of non-U.S. citizens with governments around the world, it will be placed on the European Union’s tax haven blacklist.

The U.S. is on the clock as the 2019 deadline nears for adopting and applying the Organization for Economic Cooperation and Development’s common reporting standard, Valere Moutarlier, the EU’s head of direct taxation, told a new European Parliament tax investigative committee May 15. The Paradise Papers panel was set up in March following a data leak of more than 13 million files detailing the way wealthy individuals and large companies avoid taxes via offshore structures, such as trusts.

“We have transparency criteria that is very clear that the June 2019 deadline must be respected,” said Moutarlier, a director at the European Commission’s Directorate-General for Taxation and Customs Union, in response to numerous questions from EU lawmakers about why the U.S. isn’t already on the blacklist.

--- quote end

 

[Takeshi]

That would be brutal to 'murica, I think it's only "fair" as after imposing the Visa and MasterCard network to us here and controlling money transactions and dictating who can do what with his money, seeing this type of change and cutting ties slowly but surely with them could lead to interesting changes business wise, de-dollarisation is a great start for instance and them on a blacklist would be the cherry on the cake.

 

[Martin Everson]

So true. The EU is slowly waking up to what is happening. The EU cannot continue with its card payment network controlled by U.S and also the majority of euro clearing controlled by UK which is outside the eurozone and soon to be outside the EU. The UK is a major ally of U.S and their lapdog . The EU is now talking about establishing its own alternative to SWIFT finally and taking it seriously.

Germany urges SWIFT end to US payments dominance | DW | 27.08.2018

As things stand Trump could tomorrow morning indirectly bar any country from use of SWIFT, Visa or MasterCard networks and hence cut of EU trading partners from EU in a dispute i.e Turkey . I digress....

 

[blockchain4ever]

So true. The EU is slowly waking up to what is happening. The EU cannot continue with its card payment network controlled by U.S and also the majority of euro clearing controlled by UK which is outside the eurozone and soon to be outside the EU. The UK is a major ally of U.S and their lapdog . The EU is now talking about establishing its own alternative to SWIFT finally and taking it seriously.

Germany urges SWIFT end to US payments dominance | DW | 27.08.2018

As things stand Trump could tomorrow morning indirectly bar any country from use of SWIFT, Visa or MasterCard networks and hence cut of EU trading partners from EU in a dispute i.e Turkey . I digress....

You mean Iran..

 

[Martin Everson]

You mean Iran..

I mean Iran and potentially Russia, Turkey and even China. Basically any country that the U.S has a dispute with but who other trading partners have no issue with could end up being cut off from SWIFT. Their is a good reason why China had foresight to establish their own settlement network and internal payment system that does not require U.S owned VISA or MasterCard.

Cross-Border Inter-Bank Payments System
CIPS Operator

Why China’s Payment Apps Give U.S. Bankers Nightmares
Terms of Service Violation

 

[albx]

... so let's hope they opt to end up on the blacklist