The Foreign Account Tax Compliance Act, more commonly known as FATCA and is designed to make sure U.S. taxpayers with foreign accounts pay the taxes and using Form 8938 with the IRS along with your Income Tax Return (1040) before April 15.
FATCA generally requires the reporting of foreign financial assets, including some common ones:
Financial accounts held at foreign financial institutions
Foreign stocks or securities not held in a financial account
Foreign partnership interests.
Foreign mutual funds