FATCA Crippling The Carribean Economy – Trump Needs To Dismantle It

 

The original intention of FATCA was to prevent overseas money laundering and tax evasion by the ultra wealthy. Unfortunately, the regulations have mostly impacted the finances of middle class Americans and banking institutions of developing countries. Banks that fail to comply with FATCA regulations may be hit with a 30% on US based transactions. Many banks around the world have decided to turn their backs on American customers due to the bureaucratic headache. The financial institutions of Caribbean nations cannot simply ignore FATCA since their economies are heavily invested in international finances.