This article discusses the challenges, opportunities and risks of FATCA. FATCA stands for "Foreign Account Tax Compliance Act" and was set into force on 18 March 2010 in the USA as part of the "Hiring Incentives to Restore Employment Act" (HIRE Act).
The initial publishing of the implementation guidelines by the US Internal Revenue Service occurred in Notice 2010-60 in August 2010. The release of further guidelines is expected to take place in the next few months.