The Treasury Department and the Internal Revenue Service have come up with proposed regulations targeting people who cheat on their taxes by using foreign accounts. The proposals are an effort to achieve the Foreign Account Tax Compliance Act goals. The industry is raising concerns about implementation of the act. "Implementation of FATCA will impose significant challenges and costs for many United States financial services firms and their customers," according to Ken Bentsen of SIFMA. Learn more about the FATCA provisions. Read the SIFMA press release on FATCA.