Just a snipit from one of my favorite websites.
The Death of All Banking Freedom?
by Wendy McElroy, April 24, 2012
Enacted in March 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, FATCA seeks to have foreign financial institutions report on accounts held by any American living in the United States or abroad. You can take your money and run, but you cannot hide from an IRS that functions as a taxation clearing house to the world. If you have never lived in the United States but have American parents, then you will still fall under the jurisdiction of the IRS and the Department of the Treasury. Only the costly and cumbersome act of renouncing American citizenship can provide protection.
In short, the IRS seeks a worldwide sharing of information on all money owned and invested, a sharing that would “benefit” other governments as well. The document continues, “In many cases, however, the implementation of FATCA will require the cooperation of foreign governments in order to overcome legal impediments to reporting by their resident financial institutions.” The IRS wants foreign governments to change their laws — for example, ones that protect financial privacy — in order to facilitate a more efficient tax grab.
This is one more example if the money in the "system" flowing to the top!
Not one dime of this money will EVER facilitate one single minute of any government operations or services anywhere in this country.
That you can take to the bank!