According to an announcement by the U.S. Department of the Treasury, the Foreign Account Tax Compliance Act (FATCA) went into effect 1 July 2014. FATCA was enacted in 2010 by Congress to target tax noncompliance by using foreign accounts. Under FATCA, foreign countries can comply by allowing foreign financial institutions (FFI) in their country to enter into agreements with the IRS to provide the required account information or they can enter into one of two alternative Model Intergovernmental Agreements with the United States. If an FFI is non-compliant, withholding agents must withhold a portion of certain U.S. source payments made...