The objective of the Foreign Account Tax Compliance Act is to prevent certain classes of persons and entities from making payments to foreign government officials.

Question

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The objective of the Foreign Account Tax Compliance Act (FATCA) is to combat tax evasion by requiring US persons, including citizens and residents, and certain foreign financial institutions to report their financial accounts held outside of the United States to the Internal Revenue Service (IRS). It does not aim to prevent payments to foreign government officials.

The Objective of the Foreign Account Tax Compliance Act Is