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so what is foxconn well fatca is an act that allows two countries uh especially regarding america to share information between each other of banking accounts and other financial accounts who does it affect well anybody that has anything to do with america essentially is affected by this so us citizens anybody thats resident in the united states even green card holders when they leave the united states and they still have their green card holder and it especially affects those that have dual citizenships so dont think that you can just use your foreign passport to open your accounts and that youll be out of the way of fatca so weve learned a little bit about what fatca is did it actually work well from the numbers it seems to have the irs correct collected 4.4 billion dollars in penalties from 2009 to 2011 and those were only from the voluntary uh disclosured programs they recovered 60 billion dollars through late payments from 2011 to 2013 and these have only grown over the course
