FATCA agreement is a framework developed by the United States on how information is to occur between the United States and other countries. This will now be implemented to also apply to mutual information between Sweden and US.
The change in legislation means that Swedish banks and other financial institutions must provide information to the Tax on bank accounts of US citizens. Tax Agency in turn is then required to provide this information to the IRS, the US tax authorities. Meanwhile, the IRS is guilty to do the same against Sweden, i.e. to provide information on Swedish citizens bank account in the United States to the Tax Agency in Sweden.
The legislative amendment shall begin on April 1, 2015th
Contact your accountant or tax lawyer for more information.