A 'Tax Compliance Act (FATCA) will require USA Swimming's captive insurance company to share info with the IRS

The Foreign Account Tax Compliance Act (FATCA), which comes into force this year will require foreign banks; such as the one USA Swimming uses in Barbados, to share account information with the Internal Revenue Service.

Under this new law I wonder if USA Swimming's interest in this captive corporation will become more transparent.

From QZ.com: 

“When someone opens a Swiss bank account, they don’t open it in their own name, they open it with a Panama corporation, Delaware, Cayman Islands,” Rebecca Wilkins, a senior counsel at the non-profit Center for Tax Justice, says. “Under the UBS scandals, of the individual prosecutions, every single one so far has involved a shell company.”

Many of these fronts have recently been revealed by the International Consortium of Investigative Journalists, which obtained records from companies that help customers set up offshore companies disguising their ownership. While legal, this can be exploited by crony capitalists, con men, and tax evaders, leaving government officials in the dark as to who ultimately benefits from a company’s assets.

[Link]

The article further details what FACTA does and how Europe is embracing it to prevent money laundering and to shore up the financial institutions there.