Anti-tax evasion stems from two separate but similar international regulations:
the Foreign Account Tax Compliance Act (FATCA), a U.S. law in effect since July 1, 2014
the Common Reporting Standard (CRS), a new international standard developed by the Organisation for Economic Co-operation and Development (OECD), which will take effect on July 1, 2017
FATCA and the CRS share a common purpose: helping countries in the international community maintain the integrity of their tax systems.