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Why did the US never pressure somalia to be part of FATCA to stop money laundering
Posted on 10/29/26 at 7:28 am
Posted on 10/29/26 at 7:28 am
FATCA is Foreign Account Tax Compliant Act. Here is how it works.
The US tells a foreign country it wants all banks in their country to comply and the banks then have any accounts dealing with anyone associated with the US to allow the US access to view those accounts.
Here in Trinidad our Finance Minister said the US told us we could be kicked off the SWIFT banking system if we did not comply. It would mean no trade in US dollars and since all our trade is in US Dollars not Trinidad dollars, we would literally starve.
It allows the US to view any accounts of someone associated with the US they deem as suspicious of drug trade, money laundering, etc.
My question is, why oh why was somalia never pressured to comply. Hmmmmmm
The US tells a foreign country it wants all banks in their country to comply and the banks then have any accounts dealing with anyone associated with the US to allow the US access to view those accounts.
Here in Trinidad our Finance Minister said the US told us we could be kicked off the SWIFT banking system if we did not comply. It would mean no trade in US dollars and since all our trade is in US Dollars not Trinidad dollars, we would literally starve.
It allows the US to view any accounts of someone associated with the US they deem as suspicious of drug trade, money laundering, etc.
My question is, why oh why was somalia never pressured to comply. Hmmmmmm
Posted on 10/29/26 at 7:38 am to trinidadtiger
What Somali government would we be pressuring? Somalia js effectively a failed state.
Posted on 10/29/26 at 7:38 am to trinidadtiger
Somalia has banks, other than gang leaders storage facilities ?
Posted on 10/29/26 at 7:48 am to Nosevens
Somalia is a shithole
Posted on 10/29/26 at 8:27 am to trinidadtiger
There are a lot of sanctions on Somalia, not just from the US but also a slew of other nations. Are you saying there aren't enough?
Posted on 10/29/26 at 9:19 am to imjustafatkid
What Im saying is, if somalia is such as shathole country as another posted, and you walked out of the airport with suitcases of cash.....wouldnt it be wise to go to the bank.
FATCA would allow our treasury to scan bank accounts, but for some unknown reason we never pressed them for compliance.....or maybe it was for known reasons.
FATCA would allow our treasury to scan bank accounts, but for some unknown reason we never pressed them for compliance.....or maybe it was for known reasons.
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