Foreign Account Tax Compliance Act FATCA

{
  "id": "MLC-T-INS-001561",
  "term": "Foreign Account Tax Compliance Act FATCA",
  "field": "Insurance and risk management",
  "definition": "A United States federal law enacted in 2010 to combat tax evasion by U.S. persons holding investments in offshore accounts. It requires foreign financial institutions to report information about financial accounts held by U.S. taxpayers to the U.S. Treasury or face withholding taxes on certain U.S.-source payments. This act impacts international insurance companies and their compliance obligations regarding U.S. policyholders.",
  "url": "https://mlchart.com/terminology/insurance/foreign-account-tax-compliance-act-fatca/"
}