Foreign Account Tax Compliance Act

E224731

United States federal law information reporting regime tax compliance law

The Foreign Account Tax Compliance Act is a U.S. law designed to combat offshore tax evasion by requiring foreign financial institutions and certain U.S. taxpayers to report information about financial accounts held outside the United States.

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All labels observed (4)

Label	Occurrences
Foreign Account Tax Compliance Act canonical	4
FATCA	3
2013 FATCA intergovernmental agreement between the United States and Switzerland	1
FATCA information reporting regime	1

How this entity was disambiguated

This entity first appeared as the object of triple T2020467 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.

NED1 Entity disambiguation (via context triple) gpt-5-mini-2025-08-07

Target entity: Foreign Account Tax Compliance Act
Context triple: [FATCA Form 8938, legalBasis, Foreign Account Tax Compliance Act]

A. Bank Secrecy Act
The Bank Secrecy Act is a U.S. law that requires financial institutions to assist government agencies in detecting and preventing money laundering, terrorist financing, and other financial crimes.
B. Foreign Bank and Financial Accounts Reports
Foreign Bank and Financial Accounts Reports are mandatory U.S. filings that disclose individuals’ and entities’ financial interests in or authority over foreign bank and financial accounts to help prevent tax evasion and financial crimes.
C. Annunzio-Wylie Anti-Money Laundering Act
The Annunzio-Wylie Anti-Money Laundering Act is a 1992 U.S. federal law that strengthened anti-money laundering controls, expanded reporting requirements, and enhanced enforcement powers against financial crimes.
D. Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act is a U.S. federal law that prohibits bribery of foreign officials and mandates accurate corporate accounting to combat international corruption.
E. Money Laundering Suppression Act of 1994
The Money Laundering Suppression Act of 1994 is a U.S. federal law that strengthened anti–money laundering regulations, particularly by enhancing reporting, oversight, and enforcement mechanisms for financial institutions.
F. None of above. chosen
G. Unsure - the case is ambiguous/there is not enough information to decide.

NED2 Entity disambiguation (via description) gpt-5-mini-2025-08-07

Target entity: Foreign Account Tax Compliance Act
Target entity description: The Foreign Account Tax Compliance Act is a U.S. law designed to combat offshore tax evasion by requiring foreign financial institutions and certain U.S. taxpayers to report information about financial accounts held outside the United States.

A. Bank Secrecy Act
The Bank Secrecy Act is a U.S. law that requires financial institutions to assist government agencies in detecting and preventing money laundering, terrorist financing, and other financial crimes.
B. Foreign Bank and Financial Accounts Reports
Foreign Bank and Financial Accounts Reports are mandatory U.S. filings that disclose individuals’ and entities’ financial interests in or authority over foreign bank and financial accounts to help prevent tax evasion and financial crimes.
C. Annunzio-Wylie Anti-Money Laundering Act
The Annunzio-Wylie Anti-Money Laundering Act is a 1992 U.S. federal law that strengthened anti-money laundering controls, expanded reporting requirements, and enhanced enforcement powers against financial crimes.
D. Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act is a U.S. federal law that prohibits bribery of foreign officials and mandates accurate corporate accounting to combat international corruption.
E. Money Laundering Suppression Act of 1994
The Money Laundering Suppression Act of 1994 is a U.S. federal law that strengthened anti–money laundering regulations, particularly by enhancing reporting, oversight, and enforcement mechanisms for financial institutions.
F. None of above. chosen

Statements (49)

Predicate	Object
instanceOf	United States federal law ⓘ information reporting regime ⓘ tax compliance law ⓘ
abbreviation	FATCA ⓘ linked to: Foreign Account Tax Compliance Act
administeredBy	Internal Revenue Service ⓘ
alsoKnownAs	FATCA ⓘ linked to: Foreign Account Tax Compliance Act
appliesTo	certain U.S. taxpayers with foreign financial assets ⓘ foreign financial institutions ⓘ
codifiedIn	Internal Revenue Code sections 1471 through 1474 ⓘ linked to: Internal Revenue Code
containsProvision	30 percent withholding tax on certain U.S.-source payments to non-compliant foreign financial institutions ⓘ due diligence requirements for foreign financial institutions to identify U.S. accounts ⓘ reporting requirements for specified foreign financial assets on Form 8938 ⓘ
country	United States ⓘ linked to: United States of America
criticizedFor	compliance burden on foreign financial institutions ⓘ extraterritorial reach ⓘ impact on U.S. citizens living abroad ⓘ
effectiveDate	2014 ⓘ
enactedBy	United States Congress ⓘ
implementedBy	Internal Revenue Service ⓘ
implementedThrough	intergovernmental agreements ⓘ
influenced	Common Reporting Standard ⓘ
introducedIn	United States Senate ⓘ
jurisdiction	United States federal government ⓘ linked to: United States government
legalBasis	Internal Revenue Code ⓘ
legalCitation	Public Law 111-147 ⓘ
partOf	Hiring Incentives to Restore Employment Act ⓘ linked to: HIRE Act
penaltyForNonCompliance	monetary penalties for failure to report foreign financial assets ⓘ withholding on certain U.S.-source payments ⓘ
policyArea	anti-money laundering and transparency ⓘ international finance ⓘ taxation ⓘ
purpose	combat offshore tax evasion ⓘ improve transparency of foreign financial accounts held by U.S. persons ⓘ increase tax compliance of U.S. taxpayers with foreign financial assets ⓘ
relatedTo	Bank Secrecy Act ⓘ FBAR ⓘ linked to: Foreign Bank and Financial Accounts Reports OECD Common Reporting Standard ⓘ linked to: OECD Global Forum on Transparency and Exchange of Information for Tax Purposes Report of Foreign Bank and Financial Accounts ⓘ linked to: Foreign Bank and Financial Accounts Reports
requires	certain U.S. taxpayers to report specified foreign financial assets ⓘ foreign financial institutions to identify U.S. account holders ⓘ foreign financial institutions to report account information to the U.S. Internal Revenue Service ⓘ reporting of information about financial accounts held outside the United States ⓘ
requiresAgreementWith	foreign financial institutions ⓘ
requiresCooperationFrom	foreign governments ⓘ
requiresForm	Form 8938 ⓘ linked to: FATCA Form 8938
scope	foreign financial accounts and assets held by U.S. persons ⓘ
signedBy	Barack Obama ⓘ
targets	U.S. persons using foreign accounts to evade U.S. tax ⓘ
yearEnacted	2010 ⓘ

How these facts were elicited