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originally posted by: myselfaswell
a reply to: AlphaHawk
Please, the statistical data originates from ASIC. I'll stick with the data, not propaganda, if you don't mind.
Federal Treasurer Joe Hockey says the Government is reviewing its policy of seizing savings left idle for three years or more.
Connie Franze, 68, and her disabled son, Vince, 45, are trying to reclaim their life savings of more than $12,000 that was taken by the government last June.
''I saved for 45 years … It was my carer's pension and his disability pension,'' said the Sydney retiree.
She opened the Commonwealth Bank account 45 years ago, squirrelling away a small portion of her $50-a-week earnings from growing plants. The pair were saving for a trip to Italy to visit her mother.
''She was 100 years old. I wanted to take money out. They wouldn't give me the money … [and then] my mother died this year. The last time I saw her was 20 years ago.''
Therefore a person who leaves 12,000 dollars in their bank account without touching it, doesn't need to have Alzheimer's - they need a little common sense to know that even if they are not adding money to it
originally posted by: 727Sky
We have stated in the past that FinCen, FATCA and FBAR are all intermingled to essentially put in capital controls on the US populace and, as well, steal most of the money from those with funds abroad. In the past many said that we were being too alarmist and surely the US government would not do something like this.
Well, think again, it just happened. And it was even worse than we thought
Carl Zwerner, an 87-year old Florida man, must pay the US government a 150% penalty on the value of his Swiss bank account, amounting to the biggest penalty by percentage on record, according to his lawyer. Carl Zwerner will pay more than $2 million "for willfully failing to file a US Treasury form called a Report on Foreign Bank and Financial Accounts, or FBAR. Prosecutors and the Internal Revenue Service use FBAR penalties, which sometimes are worse than criminal fines, in order stamp out "offshore tax evasion.
Zwerner's Swiss account at ABN Amro Group NV, the Netherlands’ third-biggest bank, was valued at $1.48 million in 2004, when his FBAR penalty was $723,762; the value in 2005 was $1.49 million, when the penalty was $745,209; and the value in 2006 was $1.55 million, and a $772,838 penalty. The total penalties were $2.24 million.
It is OK for governments to steal someone's life savings because they have a law 'they have written' that says they can.
originally posted by: murlock
Ok after reading that I only have this to say......
WTF IS A "DORMANT" ACCOUNT????
Surely any bank account used for "savings" is a "savings account"????
Since when did leaving your savings in a bank account for say 5-10 years quietly making interest make it the property of the government!
Doesn't matter what country it's in, If they are my savings in the bank then whether I'm alive/dead or bloody well abducted by aliens then its still my bloody property!
P.S. Going to the bank now to put my savings back under the bed....Ya know, Just in case the UK gets the same crazy idea.