The US law known as the Foreign Accounts Tax Compliance Act (FATCA) is intended to tackle United States taxpayers who seek to evade taxes by holding offshore accounts. The FATCA requires that Financial Institutions in Guyana (depository, custodial, investment or specified insurance companies etc.) report any account holder who is a US citizen.
The information must be reported to the Guyana Revenue Authority (GRA) on a yearly basis. The GRA in turn relates the information to the US-Internal Revenue Service (IRS).
The GRA was designated the competent authority through an Inter-Governmental Agreement between the governments of Guyana and the USA.