The seeds of financial crisis were sown long back when the interest rates were fiercely low with very lenient lending norms leading to creation of housing price bubble in U.S. The bubble bursted and the period of 2007-2009 marked as an epic financial collapse leaving people jobless and their investments worthless. With the unemployment rates soaring high and hovering financial crisis, the government aimed to boost the economy. It was then the Foreign Account Tax Compliance Act (FACTA) was introduced …