📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!


    Question

    What is the primary purpose of the FATCA (Foreign

    Account Tax Compliance Act) agreement? 
    A To prevent money laundering in the European Union. Correct Answer Incorrect Answer
    B To ensure that US persons with financial assets outside of the US pay taxes to the US IRS. Correct Answer Incorrect Answer
    C To regulate the flow of FDI into India. Correct Answer Incorrect Answer
    D To standardize interest rates globally. Correct Answer Incorrect Answer
    E To provide insurance for international bank transfers. Correct Answer Incorrect Answer

    Solution

    FATCA is a US law that requires foreign financial institutions (including Indian banks) to report information about financial accounts held by US taxpayers.

    Practice Next
    ask-question