http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act
The Foreign Account Tax Compliance Act (FATCA) is a portion of the 2010 Hiring Incentives to Restore Employment (HIRE) Act that requires individuals to report their financial accounts held outside of the United States and foreign financial institutions to report to the Internal Revenue Service(IRS) about their American clients. FATCA was designed primarily to combat offshore tax evasion and recoup federal tax revenues.[1][2]
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