Why do Caribbean banks want a w8 for non US citizens?

[HKTT]

Is the US the big brother of worldwide banking? I can't understand why a citizen of another country that will never do anything with the US banking system has to submit a w8 just so that person gets reported to the US, even though the bank is in a sovereign nation. What do these banks do with w8 forms? I'm not quite fond of the US having the information as it's none of their business as far as I can tell.

 

[Internationaloff]

Is the US the big brother of worldwide banking? I can't understand why a citizen of another country that will never do anything with the US banking system has to submit a w8 just so that person gets reported to the US, even though the bank is in a sovereign nation. What do these banks do with w8 forms? I'm not quite fond of the US having the information as it's none of their business as far as I can tell.

EPB?

 

[HKTT]

Not quite sure what EPB means, I saw a list of acroynyms but none fit the bill.

 

[Milky Moon]

Not quite sure what EPB means, I saw a list of acroynyms but none fit the bill.

EuroPacificBank

 

[Internationaloff]

Not quite sure what EPB means, I saw a list of acroynyms but none fit the bill.

I mean Euro Pacific Bank.

 

[diablo]

What's the point here if I may ask?