The Foreign Account Tax Compliance Act (or “FATCA”) is legislation that was passed in the United States in 2010. FATCA is intended to prevent “U.S. persons” from evading U.S. tax using financial accounts held outside of the U.S by requiring non-U.S. financial institutions (or “FFIs”) to enter into agreements with the U.S. Internal Revenue Service (IRS) to report information to the IRS about financial accounts held by identified U.S. persons. The IIAC has been working on this issue since 2009, and has achieved a number of regulatory concessions alleviating the compliance burden for IIAC members. IIAC will continue to advocate for changes, while providing members with educational opportunities and practical tools as FATCA implementation becomes a reality.