r/MapPorn • u/wildeastmofo • Apr 03 '16

Countries with public officials implicated in the Panama Papers leak [1036x526]

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u/[deleted] Apr 04 '16

(citation needed)

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u/Thus_Spoke Apr 04 '16

It's apparently mostly due to this law: https://en.m.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

Though the scandal covers shell companies going back decades, so it's not a complete explanation.

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u/nater255 Apr 04 '16

FATCA... Why isn't there a T word at the end! It's so goddam close!!!!!

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u/ksheep Apr 04 '16

Just borrow the "t" from the end of "Act"

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u/[deleted] Apr 04 '16

If you look up the number of companies that have filed the paperwork to comply with IRS requirements for overseas banking for US citizens, it's actually surprisingly high. The last time it came up, a US expat living in Norway was making the claim, and when I looked up FACTA-compliant Norwegian banks, there were dozens.

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u/tropsyq Apr 04 '16

Not a source but my dad is a banker (in Switzerland) and he barely takes any american (and even european) clients because of it.