(Paul Mirengoff) The Foreign Account Tax Compliance Act (FATCA) requires, in essence, that U.S. citizens who reside outside the U.S. disclose to the IRS all of their foreign banking assets including retirement plans, savings accounts, etc. It also requires foreign banks to assist the IRS in applying the disclosure rules or else face enormous penalties. As its not-so-subtle acronym suggests, the Act purports to be an anti-fat-cat measure through which to crack
Source: Power Line