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13-02-06 Attorney James Jatras opinion in re: Bank of Israel's Stanley Fischer's January 27, 2013 FATCA Response Letter

13-02-06 Attorney James Jatras opinion in re: Bank of Israel's Stanley Fischer's January 27, 2013 FATCA Response Letter

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To put it bluntly, on its face, the BOI [Bank of Israel] letter makes no sense at all... To start with, the letter notes that that institution claims it is enforcing FATCA... But FATCA is an American, not Israeli law, and no legal basis for its enforcement in Israel is suggested whatsoever, other than the fear of reprisal by American authorities... I cannot conceive that enforcing a foreign law in place of Israeli law is legal... However, in freezing funds before the (purportedly final) FATCA regulations have gone into effect – stated to begin in January 2014 – it cannot be said that BOI is even “implementing” FATCA. Rather, it appears that they are enforcing, by anticipation, what they think FATCA will be if and when it goes into effect. I am unaware of any of the countries that have indicated their intention to comply with FATCA that have resorted to the kind of unwarranted, preemptive action taken against you... there is increasing reason to believe they may well not come into force at all.

To put it bluntly, on its face, the BOI [Bank of Israel] letter makes no sense at all... To start with, the letter notes that that institution claims it is enforcing FATCA... But FATCA is an American, not Israeli law, and no legal basis for its enforcement in Israel is suggested whatsoever, other than the fear of reprisal by American authorities... I cannot conceive that enforcing a foreign law in place of Israeli law is legal... However, in freezing funds before the (purportedly final) FATCA regulations have gone into effect – stated to begin in January 2014 – it cannot be said that BOI is even “implementing” FATCA. Rather, it appears that they are enforcing, by anticipation, what they think FATCA will be if and when it goes into effect. I am unaware of any of the countries that have indicated their intention to comply with FATCA that have resorted to the kind of unwarranted, preemptive action taken against you... there is increasing reason to believe they may well not come into force at all.

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Categories:Types, Business/Law
Published by: Human Rights Alert, NGO on Feb 06, 2013
Copyright:Attribution Non-commercial

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09/17/2013

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