OFFSHORE ACCOUNTS : INSIDER'S SUMMARY OF FATCA AND ITS POTENTIAL FUTURE.

The article presents information on the Foreign Account Tax Compliance Act (FATCA) that has been criticized by many persons of the financial community in the U.S. It informs that the act was signed by U.S. President Barack Obama and is a bold, unilateral action by the U.S. government to increase transparency. It further informs that time is required to implement the act successfully.