The Foreign Remittance Accountability and Transparency Act directs the Comptroller General of the United States and the Treasury Secretary to investigate foreign government programs that may help people evade federal taxes through money transfers out of the country. The study will identify which foreign programs are designed to facilitate remittances (money sent from individuals in the U.S. to other countries), determine whether these programs intentionally circumvent U.S. tax and reporting laws, and assess how much money is involved and what policy problems this creates. The Comptroller General must submit findings and recommendations to Congress within 180 days of the bill's enactment. This legislation primarily affects individuals sending money abroad and U.S. tax enforcement agencies, though it does not itself create new taxes or enforcement actions—it simply requires an investigation into potential tax evasion schemes involving foreign money transfers.
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