The Foreign Account Tax Compliance Act (FATCA), which was passed in the United States as part of the Hiring Incentives to Restore Employment (HIRE) Act, 2010, generally requires that foreign financial institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding tax on withholdable payments.

The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.