I think you forgot there’s whole planet with billions of people beyond the USA borders. Something what doesn’t follow every single us regulation != black market.
For better or worse, US law extends to anything that touches our financial network. Even a whiff of a connection to a US financial institution can get you prosecuted by the US. The Bank of Somewhereelse really wants to be able to continue doing business with the Bank of America, so they accept regulation.
please go to Dubai and learn Arabic edit or Farsi or Mandarin, if they confide in you, report back on the universality of the US banks.. secondly, I send you a beaming picture of BRICS leaders this week to reinforce the "fish sees no water" nature of your statement. American here
"A Dubai resident who flaunted his extravagant lifestyle on social media has arrived in the United States to face criminal charges alleging he conspired to launder hundreds of millions of dollars from business email compromise (BEC) frauds and other scams, including schemes targeting a U.S. law firm, a foreign bank and an English Premier League soccer club."
What are you talking about, the US successfully imposed FATCA on nearly every bank institution on the planet, and none of them or their government even tried to push back.
That why a lot of people bankside outside the US will refuse to accept US customers. The reporting obligation is only applicable if they have US customers.
