FATCA

FATCA (Foreign Account Tax Compliance Act) — the US law (2010) that started the transparency era: every financial institution on earth that wants access to the US dollar system must report US persons’ accounts to the IRS, or face 30% withholding on its own US income. It binds US persons specifically — relevant to a Filipino mainly if green cards, US citizenship, or US entities ever enter the picture — but its real significance is that it proved the model CRS then multilateralized.

First used in: 5.6 · Going global, legally