WILL REPEALING FATCA HELP MONEY LAUNDERERS ?

Believe me, I am no fan of the Foreign Account tax Compliance Act of 2010, or FATCA, because it is making it nearly impossible for legitimate Americans to open accounts anywhere outside the US, but if it is released, as the ascendant Republicans are promising in 2017, it will help facilitate global money laundering. Here's why.

American laundering money abroad choose to go to the most out-of-the-way places abroad, as well as the tax havens/offshore financial centers, but if FATCA, which is reportedly making them pariahs everywhere, is abolished, then it will be right back to business as usual, and foreign banks will not longer be afraid to open accounts for them. It is the fear of G_d that the US Treasury Department has instilled in them that is frustrating American laundrymen, and forcing them to use front men, which is high risk, when you cannot report theft of criminal proceeds, to the police if stolen by your local partner  in crime.

Yes, I know, FATCA is a reputed failure, with only $10bn collected, not the projected $100bn, and most of the money taken in is for fines & penalties, but please, leave it alone ! According to the Law of Unintended Consequences, it is making money laundering & tax evasion, by Americans, more difficult to accomplish.