authorities as well.
The US has so far signed IGAs with 22 countries in this regard, including the UK and Switzerland, while talks are on with many other jurisdictions, including India.
Once the FATCA pact is implemented, non-compliant entities and persons would be subject to heavy penalties.
Last month, the US Treasury Department and Internal Revenue Service issued "last package" of regulations for implementing a law targeting overseas tax evaders.
FATCA has emerged as a global standard for detecting offshore tax evasion, as countries from across the world, including India, step up their vigil for details about foreign assets of their own individuals and companies.