FATCA is a U.S. law (26 U.S.C. §§ 1471-1474, https://www.law.cornell.edu/uscode/text/26/subtitle-A/chapter-4) enacted in 2010 to combat tax evasion by U.S. taxpayers holding assets in foreign financial institutions (FFIs). It requires FFIs to report information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Non-compliant FFIs may be subject to a 30% withholding tax on certain U.S. source payments.