The Foreign Account Tax Compliance Act (FATCA) legislation was introduced by the US Treasury Department and the US tax collection agency: the Internal Revenue Service (IRS).
It aims to give the IRS more information about US Persons who invest in and earn money through foreign financial institutions or non-US entities.
It's intended to stop US Persons from using such accounts to evade US income and wealth tax.
On 14 November 2013, France signed an IGA (Inter-governmental Agreement) which allows FATCA to be adopted into French law. View our glossary for more information on the IGA.