Financial Privacy

Financial Privacy is fundamentally a question of freedom. For people who live in regimes that are unable to provide the basic protections of a civilized society, where investors and entrepreneurs are subject to kidnapping and other physical threats, financial privacy is a necessary and critical component of protecting basic human rights.

Additional Resources:

Diane Katz, “Reforming Consumer Financial Protection Bureau Necessary to Protect Consumers,” Webmemo #3216, Heritage Foundation, April 7, 2011.
Mark Nestmann, “OECD: Too Much Competition is ‘Harmful Competition’,” Sovereign Society, April 9, 2010.
Featuring Prince Michael of Liechtenstein, “Financial Privacy and Freedom,” Cato Daily Podcast, October 28, 2009.
“The Case for Tax Competition, Fiscal Sovereignty, and Financial Privacy,” A Special Tax Competition Conference, October 20, 2009.
Veronique de Rugy, “The End of Financial Privacy,” Reason Magazine, March 20, 2009.
Robert W. Hahn, “On a Federal Plan for Financial Privacy,” San Francisco Chronicle, October 26, 2003.
Richard W. Rahn & Veronique de Rugy, “Threats to Financial Privacy and Tax Competition,” Policy Analysis No. 491, Cato Institute October 2, 2003.
Dan Mitchell, “Money-Laundering Bill Should Target Criminals, Not Low Taxes,” Heritage Foundation, October 16, 2001.
Dan Mitchell, “Big Brother or Financial Privacy?” Heritage Foundation, November 29, 2000.
Dan Mitchell, “An OECD Proposal To Eliminate Tax Competition Would Mean Higher Taxes and Less Privacy,” Heritage Foundation, September 18, 2000.

The IRS Running Amok: Forcing American Bank to Put Foreign Tax Law Above U.S. Tax Law

April 11, 2011

Even though it violates existing law, the IRS is seeking to impose a regulation that will discourage foreign investment in the U.S. economy and undermine the competitiveness of American banks. This CF&P Foundation video provides five reasons why this proposal is misguided, including the risk to innocent people living under corrupt and tyrannical governments.

Congressional Hearing on IRS Nonresident Alien Interest Reporting Proposal

November 16, 2011

The proposed IRS non-resident alien interest deposit reporting requirement received an unfriendly reception at an October 27 hearing held by a subcommittee of the House Financial Services Committee. We were on hand to represent CF&P, and noted that the hearing was both a testament to our success in disseminating the many arguments against the proposed regulation, as well as affirmation of the need to continue fighting vigorously against the IRS proposal.