FATCA Compliance?

[GalaxyMergirl (Allie)]

@MIROW

even where some firms are set up for reporting some still decline to accept those citizens due to the size of the possible US fines and their inability to obtain insurance cover for that risk at a reasonable price. A potential fine for breach of the American requirements is sufficient to adversely impact a company so badly it folds up or has to be taken over to survive.

I’ve heard this, and it makes absolutely no sense. Unless a company has assets in the US, the US has no jurisdiction here whatsoever. The US can’t fine a British company for breaking US law, that’s absurd to even think about. All they could do is seize assets in the US.