The Treasury Department said it is engaging with more than 50 countries and jurisdictions across the globe to improve international tax compliance and implement the information reporting and withholding tax provisions in the Foreign Account Tax Compliance Act.

FATCA, which was included as part of the HIRE Act of 2010, requires foreign financial institutions to report on the accounts of U.S. taxpayers to the IRS. As part of the effort to enforce FATCA, the U.S. has been signing information-sharing agreements with other countries allowing U.S. financial institutions to share account information with other countries about their own citizens as well.

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